Dodd-Frank Wall Street Reform and Consumer Protection Act, Titles X and XIV


Pub. L. 111-203, 124 Stat. 1376

Title X of this Act creates a new Bureau of Consumer Financial Protection within the Federal Reserve Board as a new supervisor for certain financial firms and as a rulemaker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services. The Act preserves most of the FTC's authority over financial practices, transferring most of its rulemaking and some reporting responsibilities under specified consumer financial laws to the Bureau, and providing for FTC/Bureau coordination regarding certain rulemaking and enforcement activities. The Act provides authority for each agency to enforce some of the other's rules with respect to consumer financial practices. The Act also authorizes FTC rulemaking for motor vehicle dealers under standard Administrative Procedure Act procedures rather than the procedures set forth in the FTC Act. In addition, the Act amends the Electronic Fund Transfer Act to provide for limitations on interchange transaction fees and on the constraints that credit and debit card networks may impose on retailers, and to provide standards for remittance fee practices. It amends the Fair Credit Reporting Act to require the provision of credit scores to consumers in connection with denials or less favorable offers of credit. It also provides for improved financial disclosures, including integration of mortgage disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

Title XIV of the Act amends the Truth in Lending Act and other consumer financial laws to prevent mortgage-related abuses and to ensure availability of responsible, affordable mortgage credit. It addresses compensation-based incentives; inappropriate steering, discrimination, and other abusive, unfair, deceptive or predatory practices; minimum federal lending standards; high-cost mortgages; mortgage servicing; and appraisals. Title XIV provides a new enforcement role for the FTC regarding home appraisals.