If both criteria were held to be necessary, and the Deputy Director's appointment were held to be in contravention to the Appointments Clause, the consequences for the BCFP
could be severe, because many of the matters with respect to which the Deputy Director has a role (including rulemakings and adjudications) would be at risk of invalidation.
also has rulemaking power to prevent "unfair, deceptive, or abusive [consumer financial] acts or practices," id.
Title X of the Act created the BCFP as an independent federal agency within the Federal Reserve System.
The BCFP has authority over the provision of "consumer financial products or services" by covered persons and entities.
When Dodd-Frank was finalized on July 21, 2010, Title X (173) contained the provision that established the BCFP, (174) a novel entity P2P lenders hoped would become the new regulator for the P2P industry.
At first glance, it seems that the BCFP would "regulate the offering and provision of consumer financial products or services," (181) including P2P lenders as established by the definition of "financial product or service.
The task now for our members is to work closely with the BCFP
as the industry's chief federal regulator.
The Pentagon has weighed in on the issue, supporting the inclusion of auto dealers under the supervision of the BCFP and against the amendment over concern that many members of the military fall victim to the practices of predatory lenders.
Excluding any nondepository institution provider of financial products, including auto dealers, from the rules promulgated by the BCFP would defeat the purpose of creating the new consumer regulator, would put credit unions at a competitive disadvantage in the new regulatory regime, and could cause confusion for consumers of financial products," CUNA President/CEO Dan Mica wrote in the letter.
I hope the BCFP
will recognise the strength of feeling among patients," Mr McGowan added.
Section 1022 of Dodd-Frank transfers rulemaking authority under the EFFA to the BCFP.
section] 5481) (defining products or services that subject institutions to BCFP oversight).