CFPB Mortgage Servicing Regulations ppt.ppt [Read-Only]

The CFPB & Mortgage Servicing Regulations

Barry D. Johnson

3333 Lee Parkway, Eighth Floor Dallas, Texas 75219

Overview

? Introduce you to Dodd Frank ? Introduce you to the CFPB ? Regulations administered by CFPB ? Discuss requirements of Mortgage Servicing

Regulations

Dodd Frank

? The Dodd-Frank Wall Street Reform and Consumer Protection Act

Signed into law July 21, 2010 Omnibus Bill

? Securities Law ? Bank Regulation ? Consumer Protection

Consumer Protection

? Created CFPB ? Unified Consumer Regulation

The CFPB Consumer Financial Protection Bureau

? An agency like no other ? Independent from political forces

"Housed" in Federal Reserve "Non-Appropriated" Agency

? Funding from Federal Reserve, not Congress

Director appointed by President with advice and consent

Testimony/Reports to Congress "Advisory" Directors

Legal Challenges to CFPB

? Two types of cases

Recess Appointment ? Noel Canning cases

Dead with Senate Confirmation

Core Constitution Cases - - Agency Independence

Bank of Big Spring

What Industries Does CFPB Regulate?

CFPB

Mortgage Originators and

Servicers

Credit Card

Debt Collection Student Loans

Pay Day Loans

Pawn Transactions

Substantial Service Providers to Regulated Industries

What Does CFPB Do?

CFPB

Consumer Advocate

Regulation

Study/Recommend Legal Changes

Investigate/Prosecute Violations

Consumer Dispute Resolution

UDAP Authority ? Consumer Finance Products

Regulations

? Three Types

Inherited regulations New regulations required by Dodd-Frank New discretionary regulations

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download