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Dodd-Frank Consumer Protections
IMF Publications, July 2010
An Inside Mortgage Finance Webinar Held Thursday, July 22, 2010
Did you miss the Dodd-Frank Consumer Protections Webinar? Get the audio conference proceedings today
The financial landscape has changed. Hear an overview of the new bureau, which Congress has just approved in the new Dodd-Frank bill. The Bureau of Consumer Financial Protection’s mission is to regulate financial products and services and the financial institutions that offer them. Insured depository institutions and credit unions with assets of $10 billion or more are subject to bureau rules and enforcement. Everyone else, including non-bank mortgage brokers, lenders and servicers, is subject to the bureau’s rules and non-banks face bureau enforcement actions. Many are saying that this new bureaucracy will have an aggressive pro-consumer approach.
This agency will have sole rule-writing authority for consumer protection laws (except CRA) and for abusive, unfair and deceptive practices. On its full plate are: origination standards, minimum underwriting standards, re-defining high-cost loans, servicing practices and appraisal procedures, as well as enforcement of TILA, RESPA and any new regulations. These changes affect everyone and just about everything in the mortgage business.
This very timely Webinar provided an expert heads up on the big changes ahead. Three top industry lawyers discussed the new bureau. Included is an overview of Dodd-Frank—impact and strategies for mortgage compliance; effective dates, compliance sequencing, what to do now; the coming debate: the statute v. to-be-written regulations and special parameters of BCFP rule-writing powers.
These legal experts shared their insights and answered questions:
- Joseph M. Kolar, Partner, BuckleySandler LLP
- Donald C. Lampe, Partner, Womble Carlyle Sandridge & Rice PLLC
- Laurence E. Platt, Practice Area Leader, K&L Gates LLP
- Guy Cecala, Publisher, Inside Mortgage Finance (moderator)
The panel addressed the following topics:
- What is the breadth of BCFP’s authority?
- What happens to recent regulatory changes, like RESPA and TILA?
- What acts are prohibited and what are the penalties for violating BCFP?
- How is preemption to be determined?
- What is the future of regulatory examinations?
- What will be the focus of new anti-predatory lending provisions?
- What exceptions will there be for “qualified mortgages”?
- What changes can be expected in mortgage origination?
- What to expect short and long term from the new regulator?
- What authority will the Bureau have over non-depository covered persons?
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Guide to the Dodd-Frank Act: Understand the Massive Mortgage Regulatory Transition
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Guide to the New Mortgage Environment: The CFPB's Regulatory Game Plan
Appraisal Reforms 2010: The New Rules
Loan Originator Compensation: The New Rules
Consumer Financial Services.
Essentials of the Dodd-Frank Act
Understanding the Impact of the Dodd-Frank Bill on Venture Capitalists - New Rules, Regulations and Definitions
RESPA 2010 Countdown
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