What effect did the Dodd-Frank Act have on Regulation Z?

The Dodd-Frank Act had a significant impact on Regulation Z, particularly by shifting enforcement powers primarily to the Consumer Financial Protection Bureau (CFPB). This means that under the Dodd-Frank Act, the CFPB was empowered to oversee compliance with the Truth in Lending Act and enforce its provisions. This centralization of enforcement aimed to create a more robust framework for consumer protection, ensuring that lenders adhere to transparent and fair practices in lending.

The Dodd-Frank Act did not reduce penalties for non-compliance, eliminate all existing regulations, or make Regulation Z obsolete. Instead, it enhanced consumer protections and established stronger regulatory oversight, reflecting a commitment to addressing the issues that contributed to the financial crisis. By empowering the CFPB, the act aimed to provide better enforcement and oversight, ultimately benefiting consumers through more responsible lending practices.