Designated Transfer Date for CFPB Established

This story appeared in Bank Digest.

Treasury Secretary Timothy Geithner has designated July 21, 2011, as the date for the transfer of functions to the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. On this “designated transfer date,” certain authorities will transfer from other agencies to the CFPB, and the CFPB will be able to exercise certain additional, new authorities under the Dodd-Frank Act and other laws. After consulting with the heads of the agencies whose functions will transfer to the CFPB, as well as the Director of the Office of Management and Budget, the Treasury Secretary determined that designating July 21, 2011, as the transfer date would advance the mission of the CFPB and promote an orderly and organized startup.