Booking open Available Pune Call Girls Talegaon Dabhade 6297143586 Call Hot ...
ย
Poli Mortgage Group
1.
2. Consumer Financial Protection
Bureau
โข Consumer Financial Protection
Bureau (not Agency)
โข Primary policy argument is the failure
of existing federal agencies to protect
consumer
โข Strips federally-chartered institutions
of a significant degree of charter
preemption authority
4. The Transfer Date โ July
21,2011โข Recently Announced by the
Treasury
โข 75 Fed. Reg. 57253
(September 20,2010)
โข Numerous Functions and
Authorities Effective as of the
Transfer Date
โข In the Meantime โ Treasury is in
Charge
5. - To be funded with civil money penalties
- May be an incentive to bring CMP actions
6. Coverage
โข Broad authority to examine and supervise a โcovered personโ
engaged in a โfinancial activityโ in connection with a consumer
financial product or service
- Banks below $10 billion exempted from direct CFPB jurisdiction to
examine and supervise
- Other significant exemptions provided by statute
โข Unlike other federal statutes that focus on charter form,
jurisdiction for the CFPB is based upon product or activity
7. Coverage (continued)
โข Covered persons include the following:
- Banks, Thrifts and Credit Union
- Mortgage loan originators, services and brokers
- Real Estate settlement companies, appraisers, appraisal
management companies
- Debt Collectors
- Debt settlement and management services
- Credit Counselors
- Some scallywags as well
โข A covered person also includes โrelated
personsโ โ
- Officers and Directors
- Management and Employees
- Joint Venture Partners
- Independent contractors โ who knowingly or recklessly participate
in violations or breaches of duty, and includes
โข Attorneys
โข Appraisers
โข Accountants
โข A covered person also includes โservice providersโ
8. What Authority is Provided?
โ Alternative Mortgage Transaction Act
โ Equal Opportunity Act
โ Fair Credit Billing Act
โ Fair Credit Reporting Act (with exception
for sections 615โฌ and 628
โ Fair Debt Collection Practices Act
โ Gramm-Leach-Bliliey Act , Privacy Sections,
502-509
โ Home Mortgage Disclosure Act
โ Home Ownership and Equity Procedures Act
โ Real Estate Settlement Procedures Act
โ S.A.F.E. Mortgage Licensing Act
โ Truth-in-Lending Act
9. What Authority is ProvidedโฆContinuedโฆ
โข Monitoring and data gathering authority
โข โSuperโ disclosure authority to prescribe
rules to ensure that a consumer financial
product is fully and completely described to
a consumer
โข Examination, supervision and enforcement
authority over non-exempted covered
persons
โข Provides the CFPB with authority to declare
an act or practice by a provider of a consumer
financial product or service to be an unfair,
deceptive or abusive act or practice
10. What Authority is ProvidedโฆContinuedโฆ
โข Monitoring and data gathering authority
โข โSuperโ disclosure authority to prescribe
rules to ensure that a consumer financial
product is fully and completely described to
a consumer
โข Examination, supervision and enforcement
authority over non-exempted covered
persons
โข Provides the CFPB with authority to declare
an act or practice by a provider of a consumer
financial product or service to be an unfair,
deceptive or abusive act or practice
