Dodd-Frank

Question 1

Sector

Answer 1

Financial

Question 2

Year passed/amended

Answer 2

2010

Question 3

Original purpose

Answer 3

Create the CFPB and grant it enforcement authority; reform financial regulations

Question 4

Primary requirements

Answer 4

CFPB has enforcement authority for deceptive acts and practices, plus “abusive acts and practices” (not yet tested/interpreted by a court)

Question 5

Entities subject to law

Answer 5

CFBP has authority over all nondepository financial institutions with assets greater than $10 billion. It has rule-making but not enforcement authority over depository financial institutions with assets less than $10 billion.

Question 6

Term for relevant PII or regulated data

Answer 6

N/A

Question 7

Enforcing authority - civil

Answer 7

CFPB; state AGs

Question 8

Penalties - civil

Answer 8

$5,526 per day;
$27,631 per day for reckless;
$1,105,241 per day for knowing

Question 9

Civil or criminal?

Answer 9

Civil only

Question 10

Preemption?

Answer 10

Yes, but it’s complicated. Not discussed in the book.

Question 11

Private right of action?

Answer 11

No.

Question 12

FIP standards addressed

Answer 12

None