InfoBytes, July 23, 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

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

Excerpt from "Federal Issues"

President Signs Financial Regulatory Reform Into Law. On July 21, President Obama signed into law H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Law). That passage completes the realization of a major overhaul of financial regulation, including a profound change to consumer financial services regulation. The final legislation includes all of the various pieces of the regulatory reform package initially presented to Congress by the Obama Administration over a year ago. Two titles in particular, Title X, which creates the Bureau of Consumer Financial Protection (BCFP), and Title XIV, which implements the Mortgage Reform and Anti-Predatory Lending Act, will have far-reaching effects on institutions engaged in consumer financial services. Aside from these two titles, the Law will enhance and overhaul the regulatory structure applicable to numerous different aspects of the financial system, including thrifts, industrial loan companies, and other non-bank banks, over-the-counter derivatives, securities brokers and dealers and other securities intermediaries, and rating agencies. The Law also creates a new structure to monitor and regulate systemic risk issues, including entities considered "too big to fail."

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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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