Tag:Policy / Legislation

1
The CFPB Mortgage Servicing Examination Procedures Fail to Harmonize – Isn’t it Ironic?
2
CFPB Official Hints at Disclosure Requirements for Checking Accounts
3
Consumer Financial Services Industry, Meet Your New Regulator
4
Analysis of the Consumer Financial Protection Agency Legislation: Top Ten Issues

The CFPB Mortgage Servicing Examination Procedures Fail to Harmonize – Isn’t it Ironic?

By: Jonathan D. Jaffe, Steven M. Kaplan, David I. Monteiro, David A. Tallman

The Bureau of Consumer Financial Protection (the “Bureau” or the “CFPB”) was designed to provide a single, integrated federal approach to consumer financial protection. But with the October 13, 2011, release of its new Mortgage Servicing Examination Procedures (the “Procedures”), the CFPB appears to leave it up to scores of individual examiners to decide in their subjective judgment whether a company’s loan servicing practices raise “unfair, deceptive, or abusive acts or practices” (“UDAAP”) concerns. A federal government that is supposed to sing in one voice has not yet harmonized its employees.

To view the complete alert online, click here.

CFPB Official Hints at Disclosure Requirements for Checking Accounts

By: David L. Beam

Raj Date recently issued a statement on the CFPB’s web site which suggests that the Bureau is considering a standardized disclosure form for checking account fees. The “problem,” Mr. Date said, “is that checking accounts often come with a wide variety of unexpected costs that can quickly add up for consumers.” One bank might call the fee one thing, while another bank calls it something else. And the circumstances under which banks charge the same fee might be different. Read More

Consumer Financial Services Industry, Meet Your New Regulator

By: Melanie H. Brody, Stephanie C. Robinson

The centerpiece of the Dodd-Frank Act from a consumer protection standpoint is Title X, the Consumer Financial Protection Act of 2010. The Act will create a powerful consumer financial protection watchdog, the Bureau of Consumer Financial Protection. The majority of existing federal consumer financial protection laws will come under the Bureau’s purview, and the Bureau will have broad authority to enforce those laws and to issue its own rules under the Act. This alert describes the Bureau, including its structure, objectives, functions, jurisdiction, rulemaking authority and enforcement powers.

To view the complete alert online, click here.

This client alert is part of a series of alerts focused on monitoring financial regulatory reform. Below is a list of other alerts in the series:

New Executive Compensation and Governance Requirements in Financial Reform Legislation – July 7, 2010

Financial Regulatory Reform – The Next Chapter: Unprecedented Rulemaking and Congressional Activity – July 7, 2010

Investor Protection Provisions of Dodd-Frank – July 1, 2010

Senate Financial Reform Bill Would Dramatically Step Up Regulation of U.S. and Non-U.S. Private Fund Advisers – June 8, 2010

Approaching the Home Stretch: Senate Passes “Restoring American Financial Stability Act of 2010” – June 8, 2010

Analysis of the Consumer Financial Protection Agency Legislation: Top Ten Issues

By:  Stephanie C. Robinson

The Obama Administration’s Financial Regulatory Reform plan is progressing through Congress. Last week, the House Financial Services Committee voted to approve H.R. 3126, the bill that would create a Consumer Financial Protection Agency. As we reported in a prior publication, the agency would have extremely broad regulatory and enforcement authority over providers of consumer financial products and services, with the power to impose high penalties. See our Mortgage Banking & Consumer Financial Products alert, Million Dollar Baby: The Consumer Financial Protection Agency Act of 2009, for a complete discussion of the bill as introduced.

The committee spent the past couple of days considering and voting on dozens of proposed amendments to Chairman Barney Frank’s (D-MA) original version of the bill. This alert highlights some of the issues we are being asked about most and what has changed since the bill’s July 8, 2009 introduction.

To view the complete alert online, click here.

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