What is the Dodd-Frank Act?
The Dodd-Frank Act, officially called the Dodd-Frank Wall Street Reform and Consumer Protection Act, is a federal law that was passed by Congress on July 21, 2010. One purpose of the law is to promote the financial stability of the United States by improving accountability and transparency in the financial system. The legislation made changes affecting all federal financial regulatory agencies and created the Consumer Financial Protection Bureau (CFPB) as an independent agency with jurisdiction over many consumer financial products or service providers, including banks with greater than $10 billion in total assets. Additional information regarding the Dodd-Frank Act can be found at www.treasury.gov.
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