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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 October 2020

Consumer Protection

Consumer Protection

(p.227) 12 Consumer Protection
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

The subprime crisis showed that federal banking regulators cannot be relied on to put consumer safety over the interests of regulated banks. This chapter evaluates whether the Dodd-Frank Act achieves the goals that are critical to consumer protection. The Dodd-Frank Act transfers most of the responsibility for consumer financial protection from federal banking regulators to a new, dedicated agency called the Consumer Financial Protection Bureau (CFPB). The Act empowers the CFPB to establish rules for many aspects of mortgage lending. It also allows the states to protect consumers over and above the standards set by federal law. The chapter argues that although the Dodd-Frank takes bold steps toward protecting consumers, with the ultimate effect of reducing the threat of systemic risk, the consumer protection reforms do not eliminate that threat altogether.

Keywords:   consumer protection, Dodd-Frank Act, systemic risk, subprime crisis, Consumer Financial Protection Bureau

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