dodd frank update
DESCRIPTION
Blair Rug discusses Dodd Frank Updates as they relate to community financial institutions.TRANSCRIPT
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DODD FRANK AND THE CONSUMER
FINANCIAL PROTECTION BUREAU
Chicagoland Compliance ConferencePresenter: by Blair Rugh
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Consumer Financial Protection Bureau
• It answers to no one.• Exclusive and unlimited rule making
authority.• Principal Objective - To protect consumers
from unfair, deceptive and abusive acts and practices by financial institutions.
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CFPB Announced Goals
• Delete unnecessary regulations• Create consumer understandable
disclosures• Understand issues of community banks
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The CFPB: What We Know By Now
• When complete, will have a staff of 2000 and an annual budget of $600,000,000.
• It doesn't understand banking.• It is verbose.• It’s consumer bias is overwhelming.• The CFPB is not your friend.
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CFPB Significant Divisions
• Office of Women and Minority Inclusion• Office of Fair Lending• Office of Service Members Affairs• Office of Financial Protection for Older
Americans
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Regulations To Come
• Combined RESPA and Reg. Z disclosures• RESPA and Regulation Z mortgage servicing rules
o Forced placed flood insuranceo Requests for information and information managemento Early intervention – loan mitigation
• Zero/zero alternate loan• MLO Compensation• Expanded HMDA reporting - up to eleven new data
elements• HMDA like reporting for CRA• Ability to pay• New appraisal rules
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My Biggest Concerns
• Fair Lendingo Whole division dedicated to ito Office of Women and Minority Inclusiono New HMDA and CRA reporting rules
• Ability to pay• UDAAP - What was fine yesterday may be
illegal today• CFPB effect on other agencies
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Suggestions
• Get a good pair of reading glasses• Don't overreact to proposed regulations• Get your fair lending house in order• Don't lose your sense of humor
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THANK YOU!
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