The Dodd-Frank Consumer Finance Act: What You Need To Know

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On July 15, the Senate passed a comprehensive financial reform bill that touches every aspect of financial services, from derivatives to mortgages to consumer finance. The Dodd- Frank Wall Street Reform and Consumer Protection Act will now go to the White House for President Barack Obama’s signature.

Of particular interest to lenders and others involved in consumer finance is Title 10 of the Act, which is also known as the Consumer Financial Protection Act of 2010 (the CFPA). Among other things, the CFPA creates a Bureau of Consumer Protection and vests it with broad regulatory and rulemaking authority, backed up by strong enforcement powers.

Please see full advisory below for more information.

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Katten Muchin Rosenman LLP on:

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