Five years after its passage, there are many rules and regulations still to be enacted before the Dodd-Frank Wall Street Reform and Consumer Protection Act is fully implemented.
Dodd-Frank created a new agency, the Consumer Financial Protection Bureau (CFPB), with a mandate to rein in the worst offenses of debt collection firms and the payday loan industry. The CFPB’s rules will affect a “huge swath of the market,” said Colgate Selden, counsel in Alston & Bird’s Consumer Finance Regulatory Compliance Group.
“It has broad market implications, so the bureau is taking its time with it,” he added.
Since the CFPB is starting from scratch, it’s likely the proposed rules won’t be implemented anytime soon. “It’ll be interesting to see what they do with … a blank slate,” Selden said.