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Ann Graham, JD, MBA Professor of Law Director, Business Law Institute

Consumer Financial Protection Bureau : Besieged at Every Turn. Ann Graham, JD, MBA Professor of Law Director, Business Law Institute Hamline University School of Law Banking Law Prof Blog: http://lawprofessors.typepad.com/banking/. CFPB: Besieged at Every Turn.

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Ann Graham, JD, MBA Professor of Law Director, Business Law Institute

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  1. Consumer Financial Protection Bureau: Besieged at Every Turn Ann Graham, JD, MBA Professor of Law Director, Business Law Institute Hamline University School of Law Banking Law Prof Blog: http://lawprofessors.typepad.com/banking/

  2. CFPB: Besieged at Every Turn • Controversial from the start • “Love It or Hate It, The U.S. Economy Needs It” • Bureau within the Federal Reserve • Independent Agency • Budget • Director • All Financial Goods & Services . . . except . . . • Leveling the Playing Field for non-financial institutions • Banking Lobby Attacks • Agency Turf Battles Begin • Partisan Rhetoric Heats Up

  3. CFPB: Dodd-Frank Title X Director: Appointed by President; Confirmed by Senate; 5-year term 5 Units: Research; Community Affairs; Complaint Tracking/Collection; Fair Lending & Equal Opportunity; Financial Literacy Oversight: GAO Audit; Reports to Senate Banking & House Financial Services Committees biannually; Veto power over CFPB regulations: FSOC – 2/3 vote Rule-making: Enumerated existing consumer laws Supervision/Enforcement: Prudential regulators: <$10B Jurisdiction: banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies, and student loans.

  4. CFPB: Besieged • Unlimited budget & no oversight? Truth or Fiction • July 21, 2011 Transfer Date • Who Will Lead? • Elizabeth Warren – Human Lightning Rod • Richard Cordray – Former Ohio AG, CFPB Enforcement

  5. CFPB Besieged • Budget: Appropriations? • Leadership: Five-member Commission? • Power: • Financial Stability Oversight Council (FSOC) Veto – Simple majority? • Prudential Regulator Veto? • Senate Confirmation: A Hostage Situation • Jurisdiction: Be Careful What You Ask For

  6. Issues Only a Law Professor Could Love • Financial regulatory independence • Appropriations or self-funding • Agency board structure • Commission or Sole Director • Agency turf wars, veto power, industry capture • Role of the states in consumer protection • Dodd-Frank changes to federal preemption • CFPB and CSBS cooperation • State attorneys general

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