On July 21, 2010, the Dodd-Frank Act was signed into law, creating the federal Consumer Financial Protection Bureau (CFPB). The CFPB is charged with promoting consumer protection and regulating a number of the financial consumer protection laws.
Senior staff at the CFPB have told us that they will focus on research and regulation with a complaint tracking system along with disclosure of unacceptable practices. While the agency could impose serious impediments to the industry, RMAI’s proactive approach in working with the CFPB has been educational for both of us and we have worked collaboratively to find solutions to problems and issues that work for both sides. RMAI continues to meet with staff to understand their goals and educate them on the important role our industry plays in the overall health of the economy.