Consumer Financial Protection: Bureau and Bureaucracy - Part III - Dodd-Frank Act & Mortgage Reform


This is the third article in a 3-part series that dissects the landmark financial reform legislation now known as the Dodd-Frank Act.

In this final article, I consider the new Bureau of Consumer Financial Protection and offer some observations on how the many features of the Act may affect the mortgage industry's prospects.

This new article is entitled Part III: Consumer Financial Protection - Bureau and Bureaucracy.

In this article, I turn my attention to the very core of the Act itself vis-à-vis the mortgage industry and consumer financial protection: the Bureau of Consumer Financial Protection (known also as the "Consumer Financial Protection Bureau," or "CFPB").

And, I provide a matrix of the supervisory units and their functions, and respective compliance requirements, that the Bureau's Director must establish.

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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.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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