Dodd-Frank News: July 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue:

- Recent Cases

..Dodd-Frank Act Amendments to RESPA

..Amendments to Preemption Standards

..Whistleblower Protection

..SEC Final Rule Pursuant to Dodd-Frank Act Vacated

..Dodd-Frank Act Amendments to SIPA

- News & Developments

..Senate Introduces Bank Regulatory Relief Bill

..House Financial Services Committee Approves Housing Reform Bill for Consideration

..CFPB Sues Mortgage Company Alleging Violations of Loan Originator Compensation Rule

..CFPB Testifies on Debt Collection

..Treasury Issues Summary of May 2013 Garnishment Rule

..CFPB Amends 2013 Mortgage Rules Under RESPA and TILA

..CFPB Issues Bulletin on Unfair, Deceptive, and Abusive Acts in Debt Collection

..CFPB Issues Bulletin on Fair Debt Collection Practices Under Dodd-Frank

..CFPB Issues Procedural Rule on Establishing Supervisory Authority Over Nonbank Entities

..CFTC Adopts Guidance on Regulation of Cross-Border Derivatives Transactions

..FDIC Releases Resources Related to New Capital Rules

..CFPB Issues Mortgage Rules Readiness Guide

..Federal Reserve Board Finalizes Basel III Rule

..CFPB Revises Ability-to-Repay and QM Standards

..CFPB Delays Effective Date of Credit Insurance Provision

..CFPB Releases Updated Exam Procedures for January 2013 Mortgage Rules

..CFPB Issues Enforcement Action on Abusive Practices Claims

- Excerpt from Recent Cases:

Steele v. Quantum Servicing Corp., No. 3:12-CV-2897-L, 2013 WL 3196544 (N.D. Tex. Jun. 25, 2013).

The U.S. District Court for the Northern District of Texas recently granted a motion to vacate its prior order determining that Plaintiffs’ Real Estate Settlement Practices Act (“RESPA”) claim was barred by res judicata. The Court nonetheless concluded, however, that dismissal of the claim was proper for other reasons, including that the foreclosure on Plaintiffs’ property took place before expiration of the pre-Dodd-Frank deadline for Defendants to act under RESPA.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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