InfoBytes, December 17, 2010 - Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Miscellany

• Mortgages

• Banking

• Consumer Finance

• Litigation

Excerpt from "Federal Issues"

Treasury Department Announces Senior Leadership Hires for CFPB Implementation Team. On December 15, the US Department of the Treasury announced three new leadership hires for the Consumer Financial Protection Bureau’s (CFPB) Implementation Team, including Richard Cordray as leader of the enforcement division, Leonard Chanin as leader of the rule writing team, and David Silberman as leader of the card markets division. Richard Cordray is currently Ohio’s Attorney General. As the leader of the enforcement division his responsibilities will include building the enforcement team and preparing for the exercise of enforcement. Leonard Chanin is currently Deputy Director of the Federal Reserve Board’s Division of Consumer and Community Affairs. As the leader of the rule writing team his responsibilities will include building the rule writing team and developing initial proposals. Prior to joining the CFPB Implementation Team, David Silberman served as General Counsel and Executive Vice President of Kessler Financial. For a copy of the press release, please click here.

HUD Launches Investigations of Discrimination Allegations Against 22 Banks and Mortgage Lenders. The U.S. Department of Housing and Urban Development (HUD) has announced that it is launching multiple investigations into the practices of certain mortgage lenders to determine if their home loan policies illegally deny qualified African American and Latino borrowers access to credit. The investigations are in response to 22 complaints that the National Community Reinvestment Coalition (NCRC) filed with HUD. The NCRC had previously sent letters to those banks and mortgage lenders (as reported in InfoBytes, November 26, 2010) alleging that the loan activities of those mortgage originators are discriminatory and advising the banks that the NCRC would file complaints with HUD.

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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