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Showing 9 posts in Dodd-Frank Act.


Many bankers can share their experiences that on-site examinations have increasingly focused on lending discrimination data.  The Dodd-Frank Act, Section 1094, amended the  HMDA to sharpen the regulators’ tools for investigating discrimination by financial institutions.[1]  And now that many of the largest financial institutions have settled or are in the process of resolving the first wave of the regulators’ lending practice discrimination claims, community banks and credit unions may have reason to be concerned they are next in line for enforcement consideration.


[1] Under Section 1094, Financial Institutions are required to collect and report on applicants’ credit score, borrower’s age, total points and fees information, loan pricing, pre-payment penalty information, house value (for loan-to-value ratios), period of introductory interest rate, interest only or negative amortization information, term of loan and channel of origination.  Read More ›

The Consumer Financial Protection Bureau Is Now Accepting Mortgage Related Consumer Complaints

The Consumer Financial Protection Bureau (“CFPB”), was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, an overhaul of the nation's financial regulations, and is tasked with defending consumer rights with banks, mortgage companies, the credit-card industry, payday lenders and others.  On January 5, 2012, the CFPB announced through a post on its blog that its system for processing consumer mortgage complaints has been activated.  According to the announcement, the CFPB is accepting mortgage complaints from consumers who have experienced difficulties in the housing market, including problems related to mortgage documents, mortgage servicers, and foreclosure.  Financial institutions that receive consumer complaints from the CFPB will have only 15 days to provide a response to the CFPB and institutions are expected to resolve and close all but the most complicated complaints within 60 days.  If the consumer submitting the complaint is unsatisfied with the resolution of their complaint, they can dispute the resolution with the CFPB. Read More ›

FDIC Adopts Clawback Rule For Executive Compensation

On July 6, 2011, the Federal Deposit Insurance Corporation unanimously approved a final rule allowing it to “claw back” compensation from senior executives and directors who were substantially responsible for a financial company’s failure.  Read More ›

The OCC Issues Guidance On How It Will Implement The Federal Preemption Provisions Of The Dodd-Frank Act

On May 12, 2011, the Office of the Comptroller of the Currency (“OCC”) issued Interpretive Letter #1132, explaining its interpretation of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (“Dodd-Frank Act”) changes to the federal preemption standard applicable to federally chartered banks.  (OCC Interpretive Letter #1132 to The Honorable Thomas R. Carper, May 12, 2011 (“Interpretive Letter #1132”).)  These changes, located in Section 1044 of the Dodd-Frank Act, take effect on July 21, 2011.  12 U.S.C. §§ 25b, 5582.  Summarized, the OCC’s interpretation of Section 1044 is that there are no significant changes to the federal preemption standard.  (Interpretive Letter #1132, pp. 2-4.)  The Interpretive Letter contains two key points that likely will not be well received by state regulatory agencies or advocates of state consumer financial protection laws.  (Id.)  These two points are explained in this article, which concludes by highlighting a few of the changes recognized by the OCC.  Read More ›

Employee Whistleblower Liability Under The Dodd-Frank Act

Community banks, as well as publicly traded companies, have reason to take notice of the new whistleblower liability scheme set out in the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203. For all publically traded companies, sections 748 and 922 expand causes of action for employees reporting SOX, SEC and CFIC matters of concern. This article will focus on the new anti-retaliation provisions of Section 1057 of the Act, which will be of concern to financial institutions regardless of size or corporate structure, including community banks and savings and loans. Read More ›

Bureau of Consumer Financial Protection

The Dodd-Frank Act responded to public criticism that the federal consumer credit protection laws were not vigorously enforced by the banking regulators, by creating a new independent watchdog for that purpose housed within the Federal Reserve.  Read More ›

Executive Compensation Under The Dodd-Frank Act

We recently presented a broad overview of the regulatory structure for the Banking and Financial Industry under the Dodd-Frank Act. Click here to see prior article. In this installment, we want to describe the new rules on executive compensation. Read More ›

Dodd-Frank Wall Street Reform Act

Last week, Congress finally finished tinkering with the legislation undertaken to prevent future financial crises caused by what some members of Congress characterize as Wall Street greed and to create new protections for consumers in financial transactions. The Act is massive; it is over 2,000 pages long. Read More ›

As One Regulation Dismantles Another: Wall Street Reform To Allow Interest On Business Checking Accounts

As of Friday, June 25, 2010 the U.S. House and Senate financial reform conferees approved what is now known as the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act, considered the largest overhaul of our country’s financial system since the reforms that came out of the Great Depression, is sure to have a wide-ranging impact on our banking system and economy as a whole. Read More ›

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Vincent E. Mauer represents clients in commercial and business disputes with particular emphasis on financial institutions and instruments, including financial institution bonds, securities, insurance policies and commercial loans.