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H.R. 4173 Dodd-Frank Wall Street Reform & Consumer Protection Act
HR 4173 Bill - Click HERE The bill, which made its way through Senate votes last week to practically assure its passage, will tighten government regulations on the financial industry. Obama said the act would create “a new consumer watchdog with just one job: looking out for people — not big banks, not lenders, not investment houses — looking out for people as they interact with the financial system.”
Among the changes brought by the bill:
The government will provide more consumer protection by keeping closer watch over lenders and investment banks and separating the government from the industry more clearly
Obama’s plan guarantees there will be no more big bank bailouts
The interchange fees banks charged retailers on credit and debit card purchases will be limited
Mortgages will be tougher to qualify for under the stricter regulations, to protect against another real estate bubble
Consumers will have easier access to their credit score information and less chance of having their rates raised drastically
Financial Reform Summary Mortgage - page 8 / Tackling The Effects of the Mortgage Crisis - page 14
Financial Regulatory Reform Resource Center
Dodd-Frank One Year Later The financial system failed America and the regulatory system failed America, says Gary Gensler, CFTC chairman, who says Dodd-Frank will promote market reform for openness and competition.
Bachus: Debt & Dodd-Frank CNBC's Hampton Pearson has the update on Fed chief Ben Bernanke's appearance on Capitol Hill to discuss financial reform. Also, Rep. Spencer Bachus (R-AL) weighs in on what Congress is doing to tighten financial regulation and control debt.
FINANCIAL REFORM
The Consumer Financial Protection Bureau The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. (click on log to left)
A video message from Rich Cordray January 5, 2012 Rich Cordray, the new Director of the CFPB, has recorded a message about the extraordinary privilege he sees in working on behalf of American consumers.
The CFPB launches its nonbank supervision program January 5, 2012 A Beginning
Today marks an important step forward for the CFPB as we work to protect consumers. Going forward, the CFPB will expand its bank supervision program (which began last July) to nonbanks, ensuring that banks and nonbanks play by the same rules.
Before we get ahead of ourselves, it makes sense to remember what a nonbank actually is. A “nonbank” is a company that offers or provides consumer financial products or services but does not have a bank, thrift, or credit union charter.
There are currently thousands of nonbank businesses that offer consumer financial products and services, and consumers interact with them all the time. If you’ve taken out a payday loan, received a call from a debt collector, or accessed your credit report, you may well have done business with one yourself. These common transactions add up to a big part of the overall market for consumer financial products and services, and the importance of nonbanks has grown substantially over the last few decades.
Financial protection for older Americans Older Americans face many financial challenges as they age. They have opportunities to travel, explore new fields of work or hobbies, or spend time with family and friends. But often scam artists or bad advice take away these opportunities. The Office of Financial Protection for Older Americans is here to give seniors information and tools to navigate safely through financial challenges. Click HERE
We can help you get connected to a HUD-approved housing counselor. At no cost to you, the counselor can help you work with your mortgage company to try to avoid foreclosure. A housing counselor can help you organize your finances, understand your mortgage options, and find a solution that works for you.
2011 Year in Review/2012 Year in the Making Are you current on today's consumer compliance hot topics? Has your institution kept pace with recent regulatory changes? Have you effectively considered emerging risks in the industry?
Compliance professionals are faced with an increasingly difficult job of keeping pace with today's fast changing regulatory environment. In addition to implementing a host of new rules and regulations, compliance professionals must also focus on emerging risks in the industry and adjust the way they look at compliance - i.e., from a technical perspective to one that focuses on the impact of their bank's products and services on consumers.
With these considerations in mind, senior Federal Reserve staff will highlight a number of recent regulatory changes, discuss a number of current hot topics in the industry, and provide a glimpse of the regulatory changes that can be expected in the future. We will follow the presentation with a Questions and Answers (Q&A) segment, where we will respond to audience questions. In addition to taking questions during the webinar, please consider sending in questions via email in advance of the event to facilitate the Q&A segment.
This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.
Outlook Live Webinar Thursday, December 15, 20111 Times: 11:00 a.m. - 12:00 p.m. Pacific 12:00 p.m. - 1:00 p.m. Mountain 1:00 p.m. - 2:00 p.m. Central 2:00 p.m. - 3:00 p.m. Eastern
