Last week, the new Consumer Financial Protection Bureau opened for business with a new website and an introductory letter to the chief executive officers of the banks that it will supervise. The CFPB was established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act assigns to the Consumer Financial Protection Bureau responsibility for supervising depository institutions with more than $10 billion in assets and their affiliates for certain consumer protection purposes.
For an overview on the Consumer Financial Protection Bureau, the international law firm of Skadden, Arps, Slate, Meagher & Flom LLP released a primer last week, which you can find here. A copy of the Bureau’s introductory letter to bank CEOs is embedded below. The CFPB’s website can be found at http://www.consumerfinance.gov/