While the Dodd Frank Wall Street and Consumer Protection Act of 2010 (Dodd-Frank) increases regulation for banking and financial institutions, the average lawyer should be aware that Dodd-Frank empowers the Federal Reserve Board (Board), the Bureau of Consumer Protection (Bureau) and other federal agencies to impose rules on nonbanking and nonfinancial entities. Below are a few of the key changes that all lawyers should know.
Reorganization, New Players, New Powers
Dodd-Frank made many changes to the regulations, including the following:
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