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Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Products › Banks

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 -
Ballard Spahr LLP

CFPB will kill Section 1033 Open Banking Rule

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The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

CFPB Finalizes Open Banking Rule to Boost Competition, Protect Privacy, and Enhance Consumer Choice

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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Final Rule implementing Section 1033 of the Dodd-Frank Act ("Final Rule") with the intention of giving consumers greater rights,...more

Stinson LLP

CFPB Promotes Open Banking as it Issues Final Rule on Personal Financial Data Access Rights

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Time will tell whether the Consumer Financial Protection Bureau's (CFPB) stated goals of accelerating "open banking" and competition will come to fruition as a result of the long-awaited final rule implementing Section 1033...more

Ballard Spahr LLP

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank

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On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more

Troutman Pepper Locke

CFPB Issues Final Section 1033 Open Banking Rule: Legal Challenge Filed Immediately

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more

Ballard Spahr LLP

A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

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Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

Ballard Spahr LLP

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

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On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

Troutman Pepper Locke

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

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As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Troutman Pepper Locke

Credit Union Trade Associations Move to Intervene in Case Challenging CFPB’s Enforcement of its Section 1071 Rule

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On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more

Troutman Pepper Locke

Banks From Coast to Coast Urge CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 8, bankers associations from all 50 states sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to stay enforcement and implementation of the small business data collection and...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

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With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Vedder Price

Another Day, Another Regulation: A Summary and Description of the CFPB’s Arbitration Rule

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On July 10, 2017, the Consumer Financial Protection Bureau (the “CFPB”) finalized its proposed arbitration rule that will prohibit providers of certain consumer financial products and services from requiring a consumer to...more

Holland & Knight LLP

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

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Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Ballard Spahr LLP

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

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Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

Ballard Spahr LLP

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

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Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

Ballard Spahr LLP

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

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The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule. The CFPB’s proposal...more

Carlton Fields

CFPB Continues to Target Add-On Credit Products

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The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

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This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

Ballard Spahr LLP

Director Cordray appears before Senate Banking Committee

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On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

Burr & Forman

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Carlton Fields

CFPB Proposes Regulating Nonbank Auto Finance Companies

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On September 16, the Consumer Financial Protection Bureau (CFPB) issued and requested comment on a proposed rule that would, for the first time, subject nonbank auto finance companies to federal regulation and oversight. The...more

Morrison & Foerster LLP

Financial Services Report - Winter 2014

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In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy Report ...more

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