A working area of the Financial Regulatory Reform Initiative
The initiative will examine the consumer protection portions found in the Dodd-Frank Act against a stated public policy objective. The preliminary objective is that such regulation should ensure that consumers have sufficient information to make decisions about financial products and services while providing protection from unfair, deceptive, and abusive practices without unduly limiting access to a full range of products and services.
The initiative will examine the structure and powers of the Bureau of Consumer Financial Protection (CFPB). It will consider the scope of CFPB’s authority and how it has used that authority to date. This will include an assessment of the relationship between the CFPB and other agencies that are focused on safety and soundness regulation of financial institutions.
- CFPB structure and governance
- Coordination between consumer protection examiners and safety and soundness regulators
- CFPB statutory authority
- Price and product regulation
- What is the optimal leadership structure for CFPB?
- How has CFPB used its authority with respect to both bank and non-bank financial institutions?
- How will supervision and enforcement resources be employed?
- How has CFPB implemented its consumer education responsibilities?
The initiative will release a white paper that recommends modifying the Dodd-Frank Act to the extent that the consumer protection provisions of the Act deviate from or conflict with the stated objective for consumer protection regulation.