July 21, 2011 Established as Transfer Date for the New Bureau of Consumer Protection

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Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) enacted the Consumer Financial Protection Act of 2010, which created the Bureau of Consumer Financial Protection (“Bureau”). The Bureau is a powerful new agency that will regulate the provision of most consumer financial services by depository financial institutions. Among the Bureau’s powers will be the authority to develop and interpret most consumer protection regulations relating to the financial services industry; to prohibit activities it defines to be unfair, deceptive, or abusive; to collect and respond to consumer complaints related to financial products and services; and to order (for institutions with more than $10 billion in assets) or recommend (for smaller institutions) “any appropriate legal or equitable relief” for violations, including rescission or modification of contracts, restitution, restrictions on future activities, and the assessment of civil money penalties. The Bureau will also have several new offices, including the Office of Fair Lending and Equal Opportunity, Office of Financial Education, Office of Service Member Affairs, and Office of Financial Protection for Older Americans. While institutions with assets of $10 billion or less will continue to receive their compliance examinations from their prudential regulators, the Bureau will have the authority to participate in the examinations of smaller institutions and to create recordkeeping requirements for financial institutions of all sizes.

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