![]() ![]() The CFPB was charged with protecting consumers against abuses related to credit cards, mortgages, and other financial products. ĭodd–Frank reorganized the financial regulatory system, eliminating the Office of Thrift Supervision, assigning new responsibilities to existing agencies like the Federal Deposit Insurance Corporation, and creating new agencies like the Consumer Financial Protection Bureau (CFPB). Most congressional support for Dodd–Frank came from members of the Democratic Party three Senate Republicans voted for the bill, allowing it to overcome the Senate filibuster. Legislation based on his proposal was introduced in the United States House of Representatives by Congressman Barney Frank (D-MA) and in the United States Senate by Senator Chris Dodd (D-CT). Responding to widespread calls for changes to the financial regulatory system, in June 2009, President Barack Obama introduced a proposal for a "sweeping overhaul of the United States financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression". The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry. The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. Community Financial Services Association of America, Limited, No. Consumer Financial Protection Bureau v.Consumer Financial Protection Bureau, No. Regulatory act implemented by the Obama administration after the 2008 financial crisis.ĭodd–Frank Wall Street Reform and Consumer Protection ActĪn Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end " too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.įederal Deposit Insurance Corporation Improvement Act of 1991įinancial Institutions Reform, Recovery, and Enforcement Act of 1989 ![]()
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