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On Jul 21, 2010, Pres Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislative scope of this 848-page law is the most ambitious since the Great Depression. It may take years to implement the new regulations of the credit rating agencies, banks, hedge funds, buyout shops, and the $450 trillion derivatives market. Another major element of the legislation is the creation of an independent Consumer Financial Protection Bureau housed in the Federal Reserve Board to monitor mortgage and credit card products. Although the broad scope of the Dodd-Frank Act ensures that it will have an effect on many areas that accounting professionals are engaged in, the emphasis in this article is on selected, SEC-related reforms that may be of particular interest to...
The Bureau of Consumer Financial Protection (CFPB or Bureau), with the concurrence of the Office of Government Ethics (OGE), is issuing this interim final rule for employees of the Bureau. This rule supplements the Standards of Ethical Conduct for Employees of the Executive Branch (OGE Standards) issued by OGE and is necessary because it addresses ethical issues unique to the Bureau. The rule establishes restrictions on outside employment and business activities; prohibitions on the ownership of certain financial interests; restrictions on seeking, obtaining or renegotiating credit and indebtedness; prohibitions on recommendations concerning debt and equity interests; disqualification requirements based on credit or indebtedness; prohibitions on purchasing certain assets; and restrictio...
... residential manufactured housing loans?consumer protection provisions. (a) Definitions. As used in...
WASHINGTON - President Barack Obama intends to nominate former Ohio Attorney General Richard Cordray to lead a new consumer financial protection bureau that was a central feature of a law that overhauled banking regulations. Obama plans to announce the nomination formally on Monday, the White House said in a statement Sunday. Republicans immediately threatened to block his Senate confirmation.
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