Enforcement Of Consumer Financial Protection Law:Empirical Study And Comparison Between China And U.S.A.

After the financial crisis,the U.S.congress passed Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21,2010.Dodd-Frank created the first federal agency focusing solely on the protection of financial consumers,the Consumer Financial Protection Bureau,CFPB,which is mainly charged with,among others,regulation,supervision,enforcement,responding to consumer complaints,and financial consumer education.The Bureau has initiated nearly 200 cases since its establishment.The first chapter of this paper discussed the Bureau's major functions,including its regulatory and supervisory power,as well as enforcement.Basing discussion on the reality of American jurisdiction,the paper showed how CFPB fulfills its remits.In the second chapter,the paper carried out statistical analysis of all resolved cases published by the Bureau.CFPB has initiated 179 cases against its "covered persons" from 2011 to late 2016,among which 142 have come to a settlement.With close reading of all resolved cases,the paper illustrated the outcome by data analysis,and summed up with several empirical findings,which jointly depicted "conduct supervision".Empirical study was further carried out in the third chapter,in which the paper made detailed analysis of all laws,regulations,and terms enforced by the Bureau in order to show a picture of CFPB's supervision in terms of legislation.Specifically,in connection to the "UDAAP" terms prescribed in CFPA,the paper did statistical analysis and case study collectively,revealed substantive standards for the application of such terms.The fourth chapter depicted the current state of Chinese consumer financial protection in reality by statistic and empirical study.Based on case analysis,this chapter concluded the unique problem in China's practice of consumer financial protection:mismatch of dispute settlements due to absence of specific regulatory agency.Then observations from previous chapters were summarized.A systematic comparasion between China and U.S.in terms of the enforcement of Consumer Financial Protection Laws was performed in the fifth chapter.As to prevailing suggestions of"law-transplant" in numerous articles,the paper proposed that more attention should be paid to foreign experience on agency establishment and law enforcement.