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Rollercoasters are fun… just not when it comes to consumer financial regulation | Dentons

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I love rollercoasters! But, the older I get, the more likely I am to end up with my head in a trashcan. As a consumer financial regulatory attorney, the last decade has been a rollercoaster, and my clients are feeling nauseous.

In response to the worst financial crisis in a generation, Congress passed in 2010, and President Obama signed into law, the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation overhauled the U.S. financial regulatory landscape and established a new agency of government—the Consumer Financial Protection Bureau or “CFPB.” The function of the CFPB is to provide centralized federal oversight in consumer financial sectors, including mortgages, credit cards, student loans, and other products.

When the CFPB opened its doors in 2012 under then-Director Richard Cordray, it went from “zero to sixty” with lightning speed, aggressively regulating, supervising, and using its broad enforcement authority….

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