The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010. This is an update on the question raised in my last article, “Where did we end up with Dodd-Frank?” (“Consumer Financial Protection Bureau: Why All the Fuss?,” NYLJ, June 21).
We wound up with what most commentators predicted: a new, powerful regulator, the Consumer Financial Protection Bureau, empowered to protect consumers in connection with their purchase and use of financial services products without regard to safety and soundness considerations; its powerful statutory director is still required to be appointed by the president with the approval of the Senate.
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