Recently the Federal Reserve Board announced that it does not expect to finalize three pending rulemakings under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). The proposed rules were massive. They would have changed all of the rules regarding the disclosures for mortgage loans, both open-end (HELOCs) and closed-end. But we haven’t seen the last of these proposals; they will be revived by the new […]
Tag: Financial Reform
Dodd-Frank Wall Street Reform and Consumer Protection Act
Congress has completed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Next, the 2,300 page bill moves to the White House for the President’s signature, which is expected by July 21st. Then the real action begins: • An entire bureaucracy must be built for the new Bureau of Financial Protection and the new Financial Stability Oversight Counsel; and • Thousands of pages of regulations will be written. An area of particular concern […]
July 12, 2010 Lending Compliance Update
In a recent blog I reported my belief that work on the financial reform bill would be completed by the July 4 holiday. But obviously I was wrong. Congress did get some work done before the holiday. They renamed the bill the Dodd-Frank Wall Street Reform and Consumer Protection Act. They also fought a battle over funding. The bill would have resulted in $18 billion in new fees on large banks. Some in the Senate […]