CFPB to Assume Jurisdiction Over Consumer Laws Next July

09.21.2010 | Author: Bryan Reaves

From the Federal Register:

SUMMARY: Pursuant to the Consumer Financial Protection Act of 2010 (‘‘CFP Act’’),1 the Secretary of the Treasury designates July 21, 2011, as the date for the transfer of functions to the Bureau of Consumer Financial Protection (‘‘CFPB’’). On this ‘‘designated transfer date,’’ certain authorities will transfer from other agencies to the CFPB, and the CFPB will be able to exercise certain additional, new authorities under the CFP Act and other laws. After consulting with the heads of the agencies whose functions will transfer to the CFPB, as well as the Director of the Office of Management and Budget, the Secretary finds that designating July 21, 2011, as the transfer date will advance the mission of the CFPB and promote an orderly and organized
startup.

Here is a link for additional commentary regarding this issue: http://edocket.access.gpo.gov/2010/pdf/2010-23487.pdf