The U.S. banking industry has changed dramatically since the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed two years ago. Much of that change is the result of the Consumer Financial Protection Bureau (CFPB), which was created one year ago under Dodd-Frank to enforce bank rules, conduct bank examinations, and track consumer complaints.

CFPB examinations are particularly daunting because they differ from those conducted by other federal regulators, according to Ballard Spahr partner Alan S. Kaplinsky, who heads the firm’s Consumer Financial Services Group.

“It (the CFPB) has broad autonomy and it has resulted in examiners, many of whom are inexperienced, deciding they personally don’t like something,” Mr. Kaplinsky said. “It has 900 people on staff and is opening satellite offices around the country so it’s only going to get worse.”

Related Practices

Bank Regulation and Supervision
Consumer Financial Services