Category Archives: Dodd-Frank Compliance

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Financial Reform Legislation (S. 2155) Becomes Law with Industry Support

Described as “the first bipartisan banking law to be enacted in a decade” by the American Bankers Association, the Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law on May 24, 2018 following a vote of 258 to 159 in the House of Representatives. The act addresses a number of subjects ranging … Continue Reading

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement. In Stansbury v. Federal National Mortgage Association, borrower Hollie Stansbury argues that a 2011 consent order between her mortgage servicer and the … Continue Reading

SPEAK UP! The CFPB Wants Your Feedback

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB is expected to publish a series of Requests for Information (RFIs) in the Federal Register seeking public comments on the following areas of concern: enforcement, … Continue Reading

CFPB Issues Pay-by-Phone Guidance with Far-Reaching Implications

On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and charge the consumer a fee for such a service. The purpose of the bulletin was to highlight and re-emphasize the potential for violations … Continue Reading

Regulatory Reformation: Treasury’s First Recommendations for Improving Financial Regulations

On February 3, 2017, President Donald Trump issued Executive Order 13772, which identified seven Core Principles by which his administration would regulate the U.S. financial system. The Executive Order also directed the U.S. Department of the Treasury to generate reports to identify any laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other government policies … Continue Reading

Military Consumer Enforcement Act Introduced in Senate Seeks to Enhance SCRA Enforcement

Several U.S. Senators have introduced legislation for a Military Consumer Enforcement Act that would seek to empower the Consumer Financial Protection Bureau (CFPB) to oversee and enforce compliance with the Servicemember Civil Relief Act (SCRA). If passed and signed into law, the new act would amend the Consumer Financial Protection Act of 2010. The SCRA, … Continue Reading

Is Your Company Compliant? CFPB Requires Written Enterprise-Wide UDAAP Risk-Management Program

The Consumer Financial Protection Bureau (CFPB) ordered First National Bank of Omaha (FNBO) to pay a $4.5 million civil money penalty and $27.75 million in customer restitution for violations of engaging in deceptive marketing tactics and illegally billing consumers for add-on credit productions under the Dodd-Frank Act, which prohibits unfair, deceptive or abusive acts or … Continue Reading

Community Banks Face Ever-Increasing Compliance Burden As a Result of Dodd-Frank Rules

According to a “Dodd-Frank Regulations Impacts on Community Banks, Credit Unions and Systematically Important Institutions” report recently released by the Government Accountability Office (GAO), community banks continue to experience increases in compliance burdens as a result of newly-issued rules that implement the Dodd-Frank Wall Street Reform and Consumer Protection of 2010 (Dodd-Frank Act), the most … Continue Reading

Some Solutions to Wealth Disparity Suggested

In a recently published piece, “How Our Next President Can Shrink the Wealth Gap,” I propose policy solutions to address increased wealth inequality resulting, in part, from the lowest homeownership rate in the United States in nearly fifty years. Regulation intended to protect consumers has resulted in reduced willingness to lend to borrowers with less … Continue Reading

S. 682 Offers Possible Relief for Consumers Stranded by CFPB

Recent history has shown that the regulations designed to implement the Dodd-Frank Act thresholds for High-Cost Mortgages under the Home Ownership and Equity Protections Act (HOEPA) for personal property loans are having a severe negative impact on the sale and finance of Manufactured Home Construction and Safety Standards (HUD Code) manufactured homes. New and used … Continue Reading

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAP

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider of consumer financial products or services to engage in any UDAAP. The challenge for businesses operating under the Consumer Financial Protection Bureau’s … Continue Reading

Six Regulatory Agencies Issue Joint Final Diversity and Inclusion Standards

Section 342 of the Dodd-Frank Act required all agencies subject to Dodd-Frank, including the Bureau of Consumer Financial Protection (CFPB), to create an Office of Minority and Women Inclusion (OMWI) to develop standards to assess the diversity and inclusion efforts of entities subject to regulation by these agencies. On June 10, 2015, the CFPB joined … Continue Reading
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