6 Images Total
Five years after the Dodd-Frank Act was signed into law by President Obama, it remains as controversial as when it was enacted. While partisans may debate whether the changes are good or bad, there is no doubt they've had a sizable impact. Following are the biggest ways the system has changed.
The Creation and Oversight of the CFPB
Love it or hate it, the creation of the Consumer Financial Protection Bureau has altered the face of banking. The consumer agency directly examines banks with more than $10 billion of assets and has finalized rules governing mortgage underwriting, disclosures and overdraft. Under Director Richard Cordray, it has taken enforcement actions related to mortgage servicing and now publicly releases the complaints of customers on its website. For the first time, it isn't just banks that feel tough regulation. The agency has also moved to supervise payday lenders, indirect auto lenders and even digital currency firms.