The Dodd-Frank Act - Preemption

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) became law on July 21, 2010. The Dodd-Frank Act, which arose out of the recent financial crisis, is one of the most significant and sweeping pieces of financial services legislation enacted since the Great Depression. The provisions of the Dodd-Frank Act include, but are not limited to, the creation of a Financial Stability Oversight Council to identify and respond to any emerging risks in the financial system (attempting to end "too big to fail" bailouts) and the reformation of the Federal Reserve system.

One of the most important of the 16 Titles of the Dodd-Frank Act is the Consumer Financial Protection Act of 2010 (CFPA), codified in Title X of the Dodd-Frank Act. The CFPA contains many provisions that alter existing laws, and it establishes the Bureau of Consumer Financial Protection (the Bureau) as an independent "watchdog" organization with broad power and authority to write,