Dodd-Frank Wall Street Reform and Consumer Protection Act Mortgages

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... more +
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.    less -
News & Analysis as of

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

The Small Servicer Exemption to the Consumer Financial Protection Bureau’s Mortgage Servicing Rules

This year ushered in new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau (“Bureau”). The rules implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

SPECIAL ALERT: CFPB Proposes Significant Expansion Of HMDA Reporting Requirements

On July 24, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a proposed rule that would expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements and streamline certain...more

CFPB expands HMDA reporting requirements

The CFPB issued a proposed rule amending Regulation C to expand data reporting requirements for mortgage industry participants. The proposed rule is 573 pages and our Mortgage Banking Group will analyze the proposal and work...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on ongoing civil lawsuits and regulatory investigations into Libor manipulation by large banks, including the possible imposition of new criminal penalties by U.K. authorities...more

Illinois Federal Court Rules on Dodd-Frank’s Truth in Lending Act Amendment

The United States District Court for the Northern District of Illinois granted summary judgment denying a putative class action suit against a mortgage servicer for alleged violations of the Truth in Lending Act concerning...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more

Supreme Court to Rule on Controversial Right of Rescission Timeline for Mortgages

The Supreme Court agreed this month to resolve a stark divide in the United State Courts of Appeals regarding the time bar for residential mortgage borrowers to file suits related to mortgage loan rescissions under the Truth...more

Financial Stability Oversight Council’s Annual Report Highlights Problems with Non-Bank Mortgage Servicers

As required by Section 112(b)(2) of the Dodd-Frank Act, the Financial Stability Oversight Council released its 2014 Annual Report, which included, among other things, recommendations to address the risks posed by nonbank...more

The NY DFS, the NY Attorney General and the CFPB: What’s in store for the CFS industry

Wednesday night , Joy Feigenbaum , the New York Department of Financial Services’ (“DFS”) executive deputy superintendent, and Jane Aziza, the Chief of the Bureau of Consumer Frauds and Protection at the New York Attorney...more

CFPB Releases Fair Lending Report

The CFPB released its Fair Lending Report to Congress, which provides an update on the CFPB’s efforts with respect to its fair lending mandate. Section 1013 of the Dodd-Frank Act requires the CFPB’s Office of Fair Lending and...more

FSOC Annual Report Calls For Heightened Scrutiny Of Nonbank Mortgage Servicers

On May 7, following a short open meeting, the Financial Stability Oversight Council (FSOC)—the body established by the Dodd-Frank Act to identify and respond to risks to the stability of the U.S. financial system—released its...more

CFPB Report Highlights Focus On Mortgage Servicing

Under Dodd-Frank, the CFPB supervises depository institutions and credit unions with total assets of more than $10 billion, as well as certain nonbanks, regardless of size, including mortgage companies, originators, brokers,...more

Special Alert: CFPB Proposes Amendments To Mortgage Rules

On April 30, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed targeted amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014. Comments are due 30 days after publication of the...more

A Review And Analysis Of The CFPB’s Focus And Enforcement Activity Related To Mortgage Origination And Servicing

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“the Act”) created and authorized the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) to implement, examine for compliance with,...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

California Proposes Rule To Clarify Scope Of Licensing Exemption

Earlier this month, the California Department of Business Oversight (DBO) issued a notice and request for comment on a proposed amendment to regulations that implement the California Finance Lenders Law (CFLL) and the...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Creating a Culture of Compliance

In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will...more

CFPB Announces Launch of Home Mortgage Disclosure Act Rulemaking Process

On February 7th, the Consumer Financial Protection Bureau (CFPB) announced plans to begin the rulemaking process to significantly expand the scope of Home Mortgage Disclosure Act (HMDA) data reporting. The Dodd-Frank Act...more

CFPB Prepares to Overhaul Home Mortgage Disclosure Act Rules

The Consumer Financial Protection Bureau (CFPB) is preparing to make significant revisions to the regulations promulgated under the Home Mortgage Disclosure Act of 1975 (HMDA) (Regulation C) by requiring home mortgage lenders...more

CFPB Announces First Steps In HMDA Rulemaking Process, Launches Additional HMDA Data Tools

On February 7, the CFPB announced the first public phase of its rulemaking to expand the scope of HMDA data reporting, as required by the Dodd-Frank Act. The CFPB is asking small businesses to provide feedback on its initial...more

CFPB explores HMDA changes

The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more

CFPB Issues Report on Problems in Mortgage Servicing - February 2014

The CFPB released its Supervisory Highlights report highlighting problems in the mortgage servicing market during 2013. The report includes information gathered by the CFPB through its supervision program between July and...more

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