Topics In This Issue
• Federal Issues
• State Issues
• Firm News
• Consumer Finance
• 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.”
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