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The Dodd-Frank Act's Expansion of State Authority to Protect Consumers of Financial Services
Beginning of article
I. INTRODUCTION
On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).1 The statute's preamble states that one of Dodd-Frank's purposes is "to protect consumers from abusive financial services practices."2 When President Obama signed Dodd-Frank into law, he declared that the statute would create "the strongest consumer financial protections in history."3
In order to implement and enforce Dodd-Frank's new protections for consumers, Congress created the Bureau of Consumer Financial Protection (CFPB) as an "independent bureau" within the Federal Reserve System (Fed).4 President Obama explained that …
