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Webinar Recap: Dodd-Frank Consumer Protections: What To Know Now

July 27, 2010

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Click here to listen to the webinar (recording).

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law Wednesday, July 21, 2010. The bill represents the biggest shift in regulation of consumer financial services in our lifetimes.  New Title X creates the Bureau of Consumer Financial Protection, while Title XIV rewrites the rules for residential mortgages.  The most pressing question today for compliance professionals is,  "What should my institution/company be doing now?"  
 
During a one-hour webinar on July 27, Womble Carlyle Regulatory Compliance attorneys covered effective dates of key provisions of Dodd-Frank applicable to banks, non-banks and service providers, discussed what to expect from formation of the Bureau and its initiation of rulemaking and recommended how consumer financial services providers should consider allocation of compliance resources in the coming months.

The webinar panel examined the following issues:


  • Status of Dodd-Frank enactment.
  • Effective dates of Title X, Title XIV and related provisions, including preemption, mortgage servicing and mortgage loan modifications.
  • Compliance strategies for dealing with the time-line.
  • Self-operative v. rulewriting-dependent effective dates.
  • What to expect from Consumer Financial Protection Bureau (CFPB) in the short term and the long term.
  • Reconsidering risk and product offerings.
Presenters:
  • Donald C. Lampe, Head, Regulatory Compliance and Consumer Credit Practice Team, Womble Carlyle Sandridge & Rice, PLLC, Charlotte, NC.
  • Colgate Selden, Associate, Womble Carlyle Sandridge & Rice, PLLC, Washington, DC.
  • Elizabeth Collins, Associate, Womble Carlyle Sandridge & Rice, PLLC, Charlotte, NC.
  • Stephanie Shaw, Counsel,Womble Carlyle Sandridge & Rice, PLLC, Washington, DC.
The Team consists of a dozen lawyers across the Firm's Southeast / Mid-Atlantic footprint.  We represent a broad spectrum of financial services providers, including banks, mortgage originators and servicers, secondary market participants, small loan companies, insurance companies, alternative financial services providers and technology and BPO vendors.  We have been actively involved in the enactment of Dodd-Frank for clients and industry organizations.  For example, a Team member testified a number of times before the U.S. House of Representatives on the bill that became Chapter XIV (Mortgage Lending Reform and Anti-Predatory Lending Act).