On June 29, the ABA announced that its efforts to spare those in the practice of law from what it says would be unnecessary federal regulation were successful. After much work, the new Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 will have language supported by the ABA which includes an "exclusion for the practice of law."
The bill, which has just emerged from the Conference Committee, provides that the newly created Consumer Financial Protection Bureau "may not exercise any supervisory or enforcement authority with respect to an activity engaged in by an attorney as part of the practice of law under the laws of a State in which the attorney is licensed to practice law."







