Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rule-making authority for a number of consumer financial protection laws from seven federal agencies to the Consumer Financial Protection Bureau (CFPB) as of July 21, 2011.
In January 2012, the Consumer Financial Protection Bureau (CFPB) amended Regulation E and its official interpretation to provide new protections to consumers who send remittance transfers to other consumers or businesses in foreign countries.
The House voted Thursday in favor of an appropriations bill that contains several major victories for credit unions. It does not place NCUA under the appropriations process, and makes significant changes to the CFPB.
The House approved by voice vote Wednesday an amendment removing language placing NCUA under the appropriations process from H.R. 3354, a major victory for CUNA, leagues and credit unions who advocated strongly in support of the amendment.