The CFPB recently issued a formal invitation (a Request for Information [RFI] for you to do just that, as well as to comment about any of the new regulatory authorities given to the CFPB by the Dodd-Frank Act. In its March 14 press release about the RFI, the CFPB indicates that the RFI’s purpose to … Continue Reading
Reed Smith’s Stephanie Wilson recently told The Legal Intelligencer that she fielded many calls about Dodd-Frank Act’s section 342, which regulates diversity and inclusion in the financial industry, when the law was first passed in 2010. While it was soon “overshadowed” by other, more financially immediate sections, she says the questions about section 342 are … Continue Reading
On December 24, 2012, three bills, H.B. 2368, H.B. 2369, and H.B. 2370, became effective. These new laws greatly expand the regulatory and enforcement tools available to the Pennsylvania Department of Banking and Securities (“Department”), bringing Pennsylvania law into compliance with the Dodd-Frank Act and modernize, where necessary, Pennsylvania’s Banking Code. As a result of … Continue Reading
This posting was also written by Andrew P. Cross. Effective January 21, 2013, state-chartered banks will be prohibited from entering into interest rate swaps or other over-the-counter derivatives, unless authorized by their chartering state. This impending precipice is due to Section 611 of the Dodd-Frank Act which permits state-chartered banks to engage in derivative activities … Continue Reading
On September 25, 2012, the Consumer Financial Protection Bureau published a study on credit scores titled “Analysis of Differences between Consumer-and-Creditor Purchased Credit Scores.” This report is a follow-up to the July 19, 2011 CFPB report on “The Impact on Differences between Consumer-and-Creditor Purchased Credit Scores.” Section 1078 of the Dodd-Frank Wall Street Reform and … Continue Reading
Recently, our colleagues Robert M. Jaworski and Joseph I. Rosenbaum wrote about the Dodd-Frank Act granting to the newly created Consumer Financial Protection Bureau (“CFPB”) supervisory authority over a wide array of financial entities, including large depository institutions and their affiliates, as well as various nonbank “covered persons,” such as residential mortgage originators and servicers, … Continue Reading
In Perspectives, the editorial staff of financialregulatoryreport.com discusses pressing issues of the day with industry experts on a broad range of topics. FR Report: In this edition of Perspectives, we sat down with Mark Oesterle, former Chief Counsel to the U.S. Senate Banking Committee, and recent addition to the Reed Smith Financial Regulatory team. Mark, … Continue Reading
