Authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (the "CFPB") is an agency of the United States government that regulates banks, credit unions, debt collectors, and many other sectors of the American financial services industry.
On Wednesday, November 1, 2017, President Donald Trump signed legislation repealing an anti-arbitration rule that the Consumer Financial Protection Bureau ("CFPB") had promulgated in early July. Repeal of the CFPB rule was welcomed by representatives of the financial services industry.
The Federal Consumer Financial Protection Bureau ("CFPB") recently amended Regulation E, 12 CFR 1005.16 ("Reg. E"), to eliminate duplicative fee notice requirements on ATM machines. As a result of the March 26, 2013 amendment, banks will no longer be liable for failing to post notice on the ATM machine of a user fee for non-customers of the bank, even though a more specific warning is provided on the screen before an ATM transaction can be completed.
The Democratic Steering Committee has approved the assignment of Senator-elect Elizabeth Warren, one of the most vocal critics of the financial services sector, to the Senate Banking Committee. Warren previously led a congressional oversight panel that criticized the government's so-called "bank bailout" in the wake of the financial crisis. Warren was the driving force behind the creation of the new Consumer Financial Protection Bureau, an agency created by the Dodd-Frank financial system overhaul. Her potential appointment to head the Bureau, however, drew strong objections from Senate Republicans. When the appointment went to former Ohio attorney general Richard Cordray, Warren instead successfully challenged incumbent Senator Scott Brown's reelection.