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Consumer Protection Act: Quis custodiet ipsos custodes?

Author

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  • Nathan, Vaidya

Abstract

The Consumer Protection Act 2010 is a federal statute in the USA, which was passed as a response to the subprime crisis. The Act brought the most significant changes to financial regulation in the USA since the regulatory reform that followed the Great Depression, representing a significant change in the financial regulatory environment affecting all Federal financial regulatory agencies and almost every aspect of the financial services industry. As with other major financial reforms, financial scholars have analysed the law, critiquing that the reforms were insufficient to prevent another financial crisis. In this paper it is argued that the Act went too far and would unduly restrict the ability of financial firms to operate efficiently.

Suggested Citation

  • Nathan, Vaidya, 2012. "Consumer Protection Act: Quis custodiet ipsos custodes?," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 5(1), pages 37-53, May.
    • Handle: RePEc:aza:jsoc00:y:2012:v:5:i:1:p:37-53
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    More about this item

    Keywords

    government policy and regulation; Consumer Protection Act; financial firms;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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