Consumer Financial Protection Act: What Lenders Need to Know

The program was a first look at The Consumer Financial Protection Act, which will create a new federal bureau specifically charged with writing and enforcing regulations aimed at tightening lending practices, strengthening consumers’ rights, and creating greater transparency generally in lending and related consumer financial practices. This legislation will significantly and permanently change the legal landscape by giving states far greater authority to pass and enforce state laws impacting national banks.

This program is the first in a planned series of Web conferences that will monitor and examine the workings of the new Consumer Financial Protection Bureau. Our first program addressed the bureau’s structure, staffing, funding, and powers. We also evaluated the law’s impact on important federal preemption concepts.

Foley attorneys Michael C. Lueder, Martin J. Bishop, Christi Adams, and Thomas I. Elkind identified highlights of the new legislation and discussed the kind of practical responses a financial services provider might adopt.

Follow this developing story on The CFSL Bulletin Blog.