DODD-FRANK DESIGNATED TRANSFER DATE PUBLISHED
The Secretary of the Treasury has selected July 21, 2011 as the “designated transfer date” for purposes of Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203 (July 21, 2010), known as the Consumer Financial Protection Act of 2010 (CFPA).
On the designated transfer date, the “consumer financial protection functions” currently assigned to the federal banking agencies, the Department of Housing and Urban Development and the Federal Trade Commission will shift to the new Consumer Financial Protection Bureau (Bureau). Specific Bureau authorities under Subtitle C (e.g., the authority to prohibit unfair, deceptive or abusive acts or practices) become effective on the designated transfer date as well.
The designated transfer date also is significant because it serves as the effective date for other important provisions of the CFPA. For example, Subtitle D (which includes the new preemption provisions) and Subtitle H (which includes conforming and substantive changes to a number of federal laws) will become effective on the designated transfer date. See Alerts dated July 16, August 31, September 15 and September 17, 2010.
- Judy Scheiderer