InfoBytes, November 25, 2011 - A Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue:

• Federal Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

Excerpt from Consumer Finance:

CFPB Seeks Comments on Collection of Information Regarding State Actions Pursuant to Dodd-Frank. On November 21, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment regarding its planned information collection activities with regard to legal actions filed by state officials pursuant to authority granted in section 1042(a) of the Dodd-Frank Act. Under that section of the Act, state attorneys general and state regulators have authority to bring legal actions against certain financial institutions to enforce provisions of Title X of the Act, or regulations promulgated under that title. CFPB issued an interim final rule in July 2011 establishing the notification procedures regarding action taken, as required by section 1042(c) of the Act. In the current notice, CFPB notes that the burden of providing such information falls on the state entities pursuing legal action, and the CFPB does not expect to make such information publicly available unless it already is made available by the state official reporting the action. Still, the CFPB is asking the public to provide comment on a number related issues, such as whether the collection of such information will have "practical utility" and "is necessary for the proper performance of the Bureau."

Please see full newsletter below for more information.

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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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