Consumer Finance Protection Agency: July 2010 Archives

by Vicki Morwitz and Robert Whitelaw

The Senate today approved the Dodd-Frank Wall Street Reform and Consumer Protection Act. Soon President Obama will sign it, and the Act will become law. One notable aspect of this sweeping financial regulation is the creation of a new Bureau of Consumer Financial Protection (BCFP) as an independent bureau within the Federal Reserve System. The BCFP is charged with aiding consumers in understanding and using relevant information; protecting them from abuse, deception, and fraud; ensuring that disclosures for financial products are easy to understand; conducting research; and providing financial literacy education. But will the new law accomplish these goals? And who will be the winners and losers under the new law?


The Dodd-Frank Act, signed into law in July 2010, represented the most significant and controversial overhaul of the U.S. financial regulatory system since the Great Depression. Forty NYU Stern faculty, including editors Viral V. Acharya, Thomas F. Cooley, Matthew P. Richardson, and Ingo Walter, provide a definitive analysis of the Act, expose key flaws and propose solutions to inform the rules’ adoption by regulators, in a new book, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (Wiley, November 2010).

About Restoring Financial Stability

Previously, many of these faculty developed 18 independent policy papers offering market-focused solutions to the financial crisis, which were published in a book, Restoring Financial Stability: How to Repair a Failed System (Wiley, March 2009).

About the Authors