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Dodd-Frank Wall Street Reform and Consumer Protection Act › Enforcement Authority

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Goodwin

U.S. Supreme Court Significantly Curtails SEC Enforcement Forum Discretion

Goodwin on

On June 27, 2024, the United States Supreme Court issued a much-anticipated decision in Securities and Exchange Commission v. Jarkesy, holding that parties subject to an enforcement action brought by the U.S. Securities and...more

Troutman Pepper

Connecticut AG Adds Independent Enforcement Authority for Dodd-Frank Actions

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A new Connecticut law expands the authority of the state’s attorney general to enforce certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act)....more

Mayer Brown

Third Circuit Holds Securitization Trusts Can Be Subject to CFPB Enforcement Authority

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In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have wide-reaching implications...more

Eversheds Sutherland (US) LLP

Focus on Fintech: The CFPB wants state and federal financial regulators to get behind its enforcement agenda

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The CFPB is the primary regulator of consumer financial products and services in the US, but other state and federal regulators also have authority to enforce some federal consumer financial protection laws. The CFPB is now...more

Eversheds Sutherland (US) LLP

CFPB plans to extend supervision to more Fintechs using dormant Dodd-Frank authority

Eversheds Sutherland (US) LLP on

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), the Consumer Financial Protection Bureau (CFPB) has authority to require reports and conduct examinations with respect to large...more

Latham & Watkins LLP

CFPB Puts Fintechs in the Crosshairs

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The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.  On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more

Latham & Watkins LLP

Insider Trading in Commodities Markets: An Evolving Enforcement Priority

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The CFTC and the DOJ both now pursue enforcement actions against trading in commodities based on misappropriation of confidential information. Among the many changes resulting from the Dodd-Frank Wall Street Reform and...more

King & Spalding

Q4 2020: Latin America Enforcement Review

King & Spalding on

As 2020 drew to a close, enforcement authorities throughout the United States and the Americas continued to investigate fraud, corruption, and other misconduct across the region. Below, we highlight some developments from...more

Morrison & Foerster LLP

CFPB California Style: The California Consumer Financial Protection Law Brings More Providers Of Consumer Financial Products And...

Morrison & Foerster LLP on

On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law (CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority,...more

Ballard Spahr LLP

Fifth Circuit rules CFPB’s structure is constitutional

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On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more

BCLP

Consumer Financial Services and Fintech Enforcement Trends in California

BCLP on

Following the departure of former CFPB Director Richard Cordray in 2017, consumer advocates and state attorneys general raised concerns regarding the new hands-off approach by the Trump administration pertaining to consumer...more

Goodwin

CFPB Issues Much Anticipated Guidance Regarding Abusive Acts or Practices

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On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement setting forth guidelines on how it intends to enforce the “abusiveness” standard under the Dodd-Frank Act.  Section 103(a) of the...more

Ballard Spahr LLP

Director Kraninger rejects constitutionality challenge as basis for setting aside CID

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CFPB Director Kraninger has rejected the argument made by Equitable Acceptance Corp (EAC) that because the Bureau’s structure is unconstitutional, the civil investigative demand it received from the Bureau should be set aside...more

Bradley Arant Boult Cummings LLP

Does the New Debt Collection Rule Apply to First-Party Creditors?

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Last November, Bradley’s Financial Services Perspectives team predicted that the Consumer Financial Protection Bureau’s (CFPB) then upcoming Notice of Proposed Rulemaking (NPRM) for the Does the New Debt Collection Rule Apply...more

Ballard Spahr LLP

FTC provides 2018 enforcement report to CFPB

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The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and...more

A&O Shearman

Tenth Circuit Holds That Dodd-Frank Act Granted SEC Extraterritorial Authority

A&O Shearman on

On January 24, 2019, the United States Court of Appeals for the Tenth Circuit affirmed a decision by the United States District Court for the District of Utah holding that the Dodd-Frank Act of 2010 grants the Securities and...more

Carlton Fields

National Council Of Insurance Legislators Calls Upon Federal Reserve To Limit Examinations Of State-Regulated Insurers

Carlton Fields on

The Dodd-Frank Act provided the Federal Reserve Board with limited authority over certain insurance holding companies with federally regulated banking subsidiaries, creating some tension with the general rule, embodied in the...more

Ballard Spahr LLP

NYAG submits letter on jurisdictional issues in RD Legal Funding case

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The New York Attorney General has submitted a letter to Judge Preska that responds to RD Legal Funding’s letter asking her to dismiss all of the NYAG’s federal and state claims....more

Dorsey & Whitney LLP

Court Enforces CFPB Civil Investigative Demand Against Tribal Lending Entity; Rejects Argument that Tribal Sovereignty Precludes...

Dorsey & Whitney LLP on

On January 20, 2017, in CFPB v. Great Plains Lending, a three-judge panel of the Ninth Circuit Court of Appeals upheld the Consumer Financial Protection Bureau’s civil investigative demands for documents from lending...more

Shumaker, Loop & Kendrick, LLP

Client Alert: CFPB’s Structure is Unconstitutional, D.C. Circuit Court Holds

Shumaker, Loop & Kendrick, LLP on

Lenders and their attorneys have been closely monitoring the enforcement actions and rules promulgated by the Consumer Financial Protection Bureau or CFPB, which was created under the Dodd-Frank Act. The CFPB’s three goals...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Banking Regulators Increasingly Assert Jurisdiction Beyond Financial Institutions"

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Federal and state banking regulators have broad and largely discretionary supervisory and enforcement powers over the financial institutions they regulate, which include banks and their affiliates. Key regulators in this area...more

Locke Lord LLP

The Consumer Financial Protection Bureau: What Insurers Should Know

Locke Lord LLP on

Q: When does the Consumer Financial Protection Bureau (CFPB) have authority over insurance ?companies? The federal legislation commonly known as the Dodd-Frank Wall Street Reform Act, which created the ?CFPB,...more

Morgan Lewis

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

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The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

K&L Gates LLP

Time for a Tune-up: CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies and Issues Auto Finance Examination Procedures

K&L Gates LLP on

On June 10, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a final rule that will allow the agency to supervise certain larger nonbank auto finance companies for the first time and released auto...more

Bradley Arant Boult Cummings LLP

CFPB Expands Supervision to Nonbank Auto Finance Companies

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The Consumer Financial Protection Bureau (CFPB) has published a rule that expands the CFPB’s supervision to nonbank auto finance companies for the first time. The CFPB currently supervises automobile financing at the largest...more

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