The Consumer Financial Protection Bureau (CFPB) has cranked out more than 2,400 pages of new proposed regulations since July 9th. That is a lot to review in a short period of time. Let’s put this into context. The CFPB had two hours to draft each page starting from the date the Dodd-Frank Act became law. If you give the CFPB the benefit of the doubt and don’t start counting days until July 21, 2011, when […]
Tag: Financial Reform
STATUS OF OTHER PENDING RULES
We received a lot of positive feedback about yesterday’s blog entry on the status of changes to Regulation Z. Several of you inquired about the status of other pending rules, particularly those involving Regulations B and C. Well here you go… Regulation B – The Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to report information concerning credit applications made by women- or minority-owned businesses and small businesses. The amendments […]
DODD-FRANK ACT – STATISTICAL UPDATE
Information recently released by Davis Polk shows: As of June 1, 2012, a total of 221 Dodd-Frank rulemaking requirement deadlines have passed. This is 55.5% of the 398 total rulemaking requirements, and 78.9% of the 280 rulemaking requirements with specified deadlines. Of these 221 passed deadlines, 148 (67.0%) have been missed and 73 (33.0%) have been met with finalized rules. Regulators have not yet released proposals for 21 of the 148 missed rules. Of the […]
CFPB RULES WILL SIMPLIFY/STRANGLE MORTGAGE POINTS AND FEES
On May 9, 2012 the Consumer Financial Protection Bureau (CFPB) outlined rules it is considering that would simplify (or strangle) mortgage points and fees. These rules, which the CFPB expects to propose this summer and finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal. The CFPB is considering proposals, required by the Dodd-Frank Wall Street Reform and Consumer Protection Act […]
SMALL BANK REGULATORY RELIEF?
Last month all of the federal financial institution regulatory agencies showed up at Independent Community Bankers of America’s national convention and told those in attendance what they wanted to hear. “The future of community banking is a major priority.” “We have undertaken a review of the history of community banking.” And my favorite, “Where it makes sense to treat community banks differently from larger institutions, we have pledged to consider doing so.” Not a single […]