Consumer Financial Protection Bureau: The First Year

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Originally published in Thomson Reuters' UCC Law Journal on November 1, 2012.

Table of Contents:

Establishment Of The Consumer Financial Protection Bureau (CFPB)-

Designated Transfer Date; Key Denitions; Covered Persons; Consumer Financial Protection Functions; Federal Consumer Financial Law and Enumerated Consumer Laws; Unfair, Deceptive and Abusive; Transfer of Functions; Federal Banking Agencies and National Credit Union Administration (“NCUA”); Federal Trade Commission (“FTC”); Department of Housing and Urban Development (“HUD”); and Recess Appointment of Richard Cordray.

Rulemaking And Policy Development Initiatives -

Consumer Complaint System; Deposit Accounts and Overdraft Protection; Prototype Credit Card Agreement; General-Purpose Reloadable Prepaid Cards; Request for Comment on Payday Loan Practices; Revised Mortgage Disclosures; New Remittance Transfer Requirements; and Amending Account-Opening Fee Limits

Supervisory Initiatives -

Examination Procedures Released; Production of Privileged Information in Examinations; “Larger Participant” Rulemaking; and Procedures for Designating Nonbanks Posing Risks to Consumers.

Enforcement Initiatives -

“Early Warning Notice” Procedure; Bulletin on Fair Lending Enforcement; Procedural Rules Issued; and First Enforcement Action.

Please see full law journal below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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