Dodd-Frank News: October 2011: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance industry. Since its enactment, the Dodd-Frank Act has already had significant impact; yet, the great weight of this sprawling legislation is yet to be seen. Given the infancy of the Dodd-Frank's provisions, as well as the recent transfer of authority over administration of a number of federal financial laws to the newly created Bureau of Consumer Financial Protection, increased litigation seeking to clarify this new legislation is inevitable.

In an effort to stay apprised of these significant industry changes, Burr & Forman's Dodd-Frank Newsletter will serve as a monthly update of recent case law, news, and developments related to the Dodd-Frank Act.

Preemption Cline v. Bank of America, N.A., No. 2:10-1295, 2011 WL 4857934 (S.D. W. Va. Oct. 13, 2011).

Denying Bank of America's motion for judgment on the pleadings, the Court held that Plaintiff Mark Cline's claims were not preempted by National Bank Act ("NBA").

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