InfoBytes, June 25, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

• Credit Cards

Excerpt from "Federal Issues"

House, Senate Reach Agreement on Regulatory Reform Bill. On June 25, House and Senate conferees came to an agreement on far-reaching financial regulatory reform legislation, known as the Dodd-Frank Bill. The House is expected to take up consideration of the final bill next Tuesday, with a final vote expected to come before the July 4 recess. If and when the bill passes, BuckleySandler LLP will issue a Regulatory Restructuring Report containing a detailed summary of the legislation. While the bill includes numerous crucial provisions regulating the financial services industry, highlights of several provisions of the bill include:

• Creating within the Federal Reserve Board (FRB) a new Consumer Financial Protection Bureau (CFPB) with rulemaking and limited enforcement power. Banks with less than $10 billion in assets will have a limited exemption from CFPB oversight. There are now exemptions in the bill for auto dealers and practicing attorneys.

• Instituting new minimum underwriting standards for mortgages and prohibiting certain compensation structures for mortgage brokers and originators.

• Exempting from new risk-retention requirements issuances containing only “qualified mortgages.”

Please see full newsletter below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© BuckleySandler LLP | Attorney Advertising

Written by:


BuckleySandler LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.