President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, which established the Consumer Financial Protection Bureau (CFPB).
In January of 2012, President Barack Obama appointed Rich Cordray to be the first Director of the CFPB. The CFPB writes rules, supervises companies, and enforces federal consumer financial protection laws. It restricts unfair, deceptive, or abusive acts or practices and handles consumer complaints. It also promotes financial education and researches consumer behavior. It enforces laws that outlaw discrimination and other unfair treatment in consumer finance. The CFPB has focused on consumer protection issues regarding credit cards, student loans, and mortgages and has been responsible for enhanced disclosures in the lending process. You may have noticed enhanced disclosures regarding your credit card fees and other terms of your credit card agreement. As a result of Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB issued a number of mortgage-related rules. You may have also noticed changes at your home loan closing as the Loan Estimate and Closing Disclosure requirements have combined two existing disclosure regimes under TILA and RESPA in order to make mortgage disclosure easier for consumers to understand. Educational information for consumers and other information about the CFPB can be found on its website www.consumerfinance.gov.
Below are some key consumer final protection regulations:
Regulation B: Equal Credit Opportunity
Regulation C: Home Mortgage Disclosure
Regulation D: Alternative Mortgage Parity Act
Regulation E: Electronic Fund Transfers
Regulation F: Fair Debt Collection Practices Act
Regulation G: S.A.F.E. Mortgage Licensing Act – Federal Registration of Residential Mortgage Loan Originators
Regulation H: S.A.F.E. Mortgage Licensing Act – State Compliance and Bureau Registration System
Regulation I: Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance
Regulation J: Land Registration
Regulation K: Purchasers’ Revocation Rights, Sales Practices and Standards
Regulation L: Special Rules of Practice
Regulation M: Consumer Leasing
Regulation N: Mortgage Acts and Practices-Advertising
Regulation O: Mortgage Assistance Relief Services
Regulation P: Privacy of Consumer Financial Information
Regulation V: Fair Credit Reporting
Regulation X: Real Estate Settlement Procedures Act
Regulation Z: Truth in Lending
Regulation DD: Truth in Savings
Jamie Harris is an associate attorney with DelCotto Law Group PLLC. Her practice of law focuses on helping business owners hurdle financial obstacles. Jamie is best known for her experience in filing Chapter 7, 11, 12, and 13 bankruptcies. In her Chapter 11 cases, Jamie has represented companies from many different industries including healthcare, nonprofit, trucking, construction, commercial real estate and telecommunications.