Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.

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News & Analysis as of May 19, 2013

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

by BuckleySandler LLP on 5/17/2013

On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more

Financial Services Legislative and Regulatory Update -- May 13‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/13/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - What had been a relatively quiet week, where until Friday it seemed...more

CFPB proposes delay in effective date of Reg Z prohibition on financing credit insurance premiums

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/13/2013

The CFPB has issued a proposal to temporarily delay the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The proposal responds to concerns raised by...more

The CFPB Loan Originator Compensation Rule

by Andrew Campbell | Ober|Kaler on 5/10/2013

Andrew Campbell of Ober|Kaler's Financial Institutions Group presented "The CFPB Loan Originator Compensation Rule," on the webinar entitled: MLO Compensation Rules: New Standards Change the Way You Do Business. The program...more

Dealing with Civil Investigative Demands from the CFPB—Rules, Responses & Pitfalls

by Joseph T. Lynyak III, Rebecca Tierney | Pillsbury Winthrop Shaw Pittman LLP on 5/9/2013

The Consumer Financial Protection Bureau’s civil investigative demand (“CID”) authority has recently presented significant compliance difficulties for companies that have received requests for information relating to an...more

GSEs: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 5/7/2013

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

CFPB issues civil penalty fund final rule and proposes revisions

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/1/2013

Last Friday, the CFPB simultaneously issued a final rule to govern the administration of the Bureau’s Civil Penalty Fund (CPF) and proposed revisions to that rule. The final rule is effective immediately upon publication in...more

CFPB issues first preemption determinations

by Barbara S. Mishkin | Ballard Spahr LLP on 4/29/2013

Last week, the CFPB issued final determinations as to whether certain Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The rulings represent the CFPB’s...more

CFPB issues report on financial advisers to seniors

by Barbara S. Mishkin | Ballard Spahr LLP on 4/23/2013

The CFPB, through its Office of Financial Protection for Older Americans, has issued a report to Congress and the SEC that makes recommendations for informing older consumers about the legitimacy of certifications of...more

Pay Attention: Final Rules on Loan Originator Compensation

by Michael Dailey | Dinsmore & Shohl LLP on 4/19/2013

January, 2013, was a watershed month for mortgage standards after the Consumer Financial Protection Bureau released the long-awaited final rules on ability to repay, qualified mortgages, mortgage servicing, and appraisal...more

Director Cordray to appear before Senate Banking Committee on April 23

by Barbara S. Mishkin | Ballard Spahr LLP on 4/18/2013

The Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to appear....more

Financial Services Legislative and Regulatory Update -- April 15, 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 4/16/2013

In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more

CFPB Begins To Fix Recently Adopted Rules

by Ethan Mark | Leonard, Street and Deinard - Dodd-Frank and... on 4/15/2013

The CFPB has issued a proposed rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued by the Bureau in January 2013. This is the first of the CFPB’s planned issuances to clarify and provide...more

CFPB Updates Status Of Standard For Assessing Diversity At Supervised Institutions

by BuckleySandler LLP on 4/15/2013

On March 29, the CFPB’s Office of Minority and Women Inclusion (OWMI) published its annual report about the CFPB’s diversity and inclusion efforts from January 1, 2012 until December 31, 2012. The Dodd-Frank Act created the...more

The Enforcement Powers of the Consumer Financial Protection Bureau

by Jonathan Foxx on 4/11/2013

For several months, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to re-litigate those cases...more

CSBS Urges CFPB To Adopt Rural Designation Petition Process

by BuckleySandler LLP on 4/9/2013

On April 2, the CSBS released a letter it sent to encourage the CFPB to adopt an additional procedural mechanism for the CFPB to utilize when determining whether an area should be defined as “rural.” The CSBS explains that...more

CFPB responds to arbitration study inquiry from Republican House members

by Alan S. Kaplinsky | Ballard Spahr LLP on 4/8/2013

Last April, the CFPB announced that it was beginning its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. Last week, nearly a year after that announcement, David Silberman, the CFPB’s Associate...more

More Paper? CFPB Revamps Disclosure and Delivery Requirements for Valuations under ECOA

by Nanci Weissgold, Kathryn Williams | K&L Gates LLP on 4/4/2013

Come January 2014, creditors will be required to equip borrowers with more information on how the value of the borrower’s home is determined, even if the creditor doesn’t use that information in making its lending decision....more

CFPB Office of Women and Minority Inclusion to propose diversity standards for regulated entities

by Barbara S. Mishkin | Ballard Spahr LLP on 4/3/2013

The CFPB’s Office of Women and Minority Inclusion (OMWI) has issued its first annual report to Congress covering the OMWI’s activities in 2012. The Dodd-Frank Act required the CFPB and various other federal agencies including...more

Loan Originator Compensation: New Rules

by Jonathan Foxx on 4/3/2013

On January 24, 2013, as the last of the Final Rules of the Consumer Financial Protection Bureau (CFPB) rolled out, I offered an outline of all of them, entitled "CFPB's Gang of Seven (Final Rules)".* I listed them in...more

Corporate and Financial Weekly Digest - March 29, 2013

by Katten Muchin Rosenman LLP on 4/1/2013

In this issue: - Proposed Change to FINRA Rule Regarding Release of Disciplinary Complaints, Decisions and Other Information - SEC Approves on an Accelerated Basis FINRA Rule Change Relating to Margin...more

Levick Weekly - March 29, 2013: 6 Ways To Survive The U.S. Congress

by Peter LaMotte, Richard S. Levick, John Lovallo, Kathleen Wailes | LEVICK on 4/1/2013

In This Issue: - Financial Regulators Compete; JPMorgan Loses - Six Ways to Survive the U.S. Congress - How to Protect Your Brand from a Twitter Hacking - Blogs Worth Following - LEVICK In the News -...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

by BuckleySandler LLP on 3/29/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

Dodd-Frank News - March 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

by Rachel Cash, David Elliott, Kristin Peters, Jordan Teague | Burr & Forman on 3/27/2013

In This Issue: - Recent Cases ..CFTC Jurisdiction Under the Commodity Exchange Act ..Dodd-Frank Amendment to the TILA ..Preemption ..Say-On-Pay Voting ..Pre-Dispute Arbitration Agreements ...more

Consumer Debt Collectors Join the Federally Supervised Community

by Dennis O. Cohen, Joshua Farnsworth | BakerHostetler on 3/27/2013

For the consumer debt collection industry, the federal regulators have arrived. In February 2013, the Consumer Financial Protection Bureau (CFPB) began supervising roughly 175 large consumer debt collectors, defined as those...more

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