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

In This Issue:

- Introduction

- Recent Cases

..Amendments to Preemption Standards

..TILA Statute of Limitations

..Dodd-Frank Amendments to RESPA

..Whistleblower Protection

..Say-on-Pay Votes

- News & Developments

..CFPB Proposes Temporary Delay to Certain Loan Originator Compensation Rules

..Federal Reserve Report on Mid-Year Stress Tests

..Bernanke Addresses “Too Big to Fail”

..Federal Reserve Board: Qualified Mortgage Standards May Make Credit Access Difficult for Some


..First Criminal Complaint Filed Due to CFPB Referral

..Bills Introduced to Expand SEC Shareholder Registration Thresholds

..CFPB Issues Final Rule Amending Regulation E of Electronic Transfer Act

..CFPB Issues Final Rule Amending Regulation Z of Truth in Lending Act

..CFPB Issues Consumer Financial Civil Penalty Fund Rule

..Report Identifies Problems Older Americans Have With Financial Advising Industry

..Four Companies to Pay Penalties for Mortgage Insurer Kickbacks to Lenders

..CFPB Issues Final Rule Amending Regulation Z of the Truth in Lending Act

..CFPB Releases Nation’s Largest Collection of Federal Financial Complaints

- Excerpt from Amendments to Preemption Standards:

Deciding whether the revised preemption standards of the Dodd-Frank Act applied, the California Court of Appeal for the Second District, Division 4, concluded that the Dodd- Frank amendments to the National Bank Act (“NBA”) and the Home Owners Loan Act (“HOLA”) are prospective, and do not apply retroactively to prior agreements. Thus, applying the authoritative pre-Dodd-Frank preemption provisions of NBA and HOLA, the court held that the plaintiffs’ respective contract claims against two national banks were preempted by federal law.

Please see full Newsletter below for more information.

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