InfoBytes, June 25, 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

• 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.

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Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates, Securities Updates

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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