Edited by Suzanne Fay Garwood and Maura A. Marcheski
Table of Contents
- SUBTITLE A: Bureau of Consumer Financial
Protection
This subtitle creates the Bureau as an independent bureau within the Federal Reserve Board (the "FRB"), and describes many of its administrative functions and operating authorities. - SUBTITLE B: General Powers of the Bureau
This subtitle is perhaps the most important in Title X in that it contains most of the CFPB's regulatory, examination and enforcement authorities. Important exceptions to the jurisdiction of the CFPB are also contained in this subtitle. - SUBTITLE C: Specific Bureau
This subtitle contains additional authorities for the Bureau to exercise, as well as a laundry list of consumer protection functions to be provided or monitored by the Bureau. - SUBTITLE D: Preservation of State Law
This subtitle addresses and substantially modifies federal preemption as contained in the federal consumer protection statutes transferred to the CFPB, as well as federal preemption applicable to national banks under the National Bank Act and federal savings associations under the Home Owners' Loan Act. Among other things, the modifications to preemption for national banks and federal associations may substantially reduce the ability of those institutions to preempt state consumer protection laws. - SUBTITLE E: Enforcement Powers
Blends the investigative and enforcement powers found in the Federal Trade Commission Act with Section 8 of the Federal Deposit Insurance Act, including authority to initiate civil and administrative enforcement actions. - SUBTITLE F: Transfer of Functions and Personnel; Transitional Provisions
- SUBTITLE G: Regulatory Improvements
- SUBTITLE H: Conforming Amendments
While the majority of the provisions merely substitute the CFPB for the federal agency formerly having rulemaking authority, in several instances the provisions make substantive changes to the subject consumer protection law.
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