The Federal Deposit Insurance Act (FDIA) established the Federal Deposit Insurance Corporation which must insure the deposits of banks and savings associations entitled to the benefits of insurance under the FDIA. Not all depository institutions are required to maintain Federal deposit insurance. The FDIA requires that depository institutions lacking Federal deposit insurance make certain insurance-related disclosures in periodic statements, account records, locations where deposits are normally received, and advertising. The FDIA also requires such depository institutions […]
Tag: Dodd-Frank Act
THE CFPB INHERITS REGULATIONS G & H
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) provides for the licensing and/or registration of mortgage loan originators. The SAFE Act requires mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. The SAFE Act further requires states to adopt minimum standards for licensing residential mortgage loan originators. The Federal registration requirements of the SAFE Act have been implemented […]
THE CFPB INHERITS REGULATION F
The Fair Debt Collection Practices Act (FDCPA) was enacted to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent state action to protect consumers against debt collection abuses. Prior to July 21, 2011, the FDCPA provided that the Federal Trade Commission (Commission) must by regulation exempt from the FDCPA requirements any class of debt […]
THE CFPB INHERITS REGULATION E
The Electronic Fund Transfer Act (EFTA), enacted in 1978, provides a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic fund transfer (EFT) systems. Historically, the EFTA was implemented in Regulation E of the Board of Governors of the Federal Reserve System (Board). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended a number of consumer financial protection laws, including the EFTA. In addition to various substantive amendments, the […]
FINALLY, A DIRECTOR FOR THE CFPB – MAYBE
In a speech in Ohio, on Wednesday afternoon President Obama announced that he would install Richard Cordrey as the head of the Consumer Financial Protection Bureau (CFPB) through a recess appointment. Last summer the president selected Cordray, a former Ohio attorney general, to direct the Consumer Financial Protection Bureau, but Senate Republicans have continued to block a vote on his nomination. GOP lawmakers have argued that the bureau should be accountable to Congress. Republicans are […]