The Secretary of the Treasury designated July 21, 2011, as the "designated transfer date" pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203 (July 21, 2010), also sometimes called the "Consumer Financial Protection Action of 2010" or "Dodd-Frank."
The Federal Register Notice for this announcement is available at:
As you may recall, on this ``designated transfer date,'' certain authorities will transfer from other agencies to the new Consumer Financial Protection Bureau ("CFPB"), and the CFPB will be able to exercise certain additional, new authorities under the CFPA/Dood-Frank and other laws.
For example, and among other things, on and following the "designated transfer date":
- The "consumer financial protection functions" of HUD, the federal banking regulators, and the FTC will be housed in or otherwise subject to the CFPB;
- The new preemption provisions of Subtitle D tof Title X he CFPA/Dodd-Frank will become effective;
- The substantive changes to a number of federal consumer lending laws Title IV (such as the new TILA and RESPA changes) will become effective, or will have their effective dates triggered;
- The CFPB's authority to prohibit unfair, deceptive, or abusive acts and practices becomes effective.
Let me know if you have any questions. Thanks.
Ralph T. Wutscher
Kahrl Wutscher LLP
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