InfoBytes, June 8, 2012 - A Weekly In-depth review of news & developments in the financial services industry.


Topics In This Issue:

- Federal Issues - State Issues - Courts - Firm News - Mortgages - Consumer Finance - Securities - Litigation - Privacy/Data Security

Excerpt From Federal Issues:

CFPB Finalizes Multiple Rules Governing Enforcement Activities, Issues New Interim Rule. On June 6, the CFPB released final versions of three rules governing aspects of the CFPB's enforcement activities and issued a new interim rule. The three rules set forth, respectively, the CFPB's (i) authority and procedures for conducting investigations, (ii) practices for adjudication proceedings, and (iii) procedures through which state officials update the CFPB on state enforcement activities. While the rules have been in effect since July 2011 (in interim form), the final versions include some changes in response to public comments received. For example, the final investigations rule (i) specifies the CFPB staff members that have authority to initiate or close an investigation, (ii) adds to the CID process a conference between the parties within 10 calendar days of service, (iii) provides CID recipients a number of procedural options when additional time is needed to respond, and (iv) clarifies the rights of witnesses and which objections are appropriate for counsel to make during investigations. Additionally, the CFPB issued a new interim final rule to implement the Equal Access to Justice Act and will accept public comments for 60 days after publication in the Federal Register.

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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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