Texas Tech University

A Comment on Implementing Section 1071 of the Dodd-Frank Act

December 20, 2021

Rawls College

BANKERS DIGEST - Bailey Allen, Mike Mauldin and Drew Winters focus on the CFPB’s proposed rules to implement section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was created—according to the first paragraph of the act itself: “To promote the financial stability of the United States by improving accountability and transparency in the financial system, end ‘too big to fail,' protect the American taxpayer by ending bailouts, protect consumers from abusive financial services practices and for other purposes.” However, it is not achieving its objectives.

With the track record of failure and compliance burden from the Dodd-Frank Act, Allen, Mauldin and Winters examine the potential impact on banks from the implementation of section 1071 while the CFPB is still in the comment phase for the rule.

Read the full article here.