MORTGAGE BANKING ALERT: Dodd-Frank Wall Street Reform and Consumer Protection Act

    28 July 2010

    On July 21, 2010 President Obama signed into law the comprehensive financial reform legislation entitled the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The focus now shifts to the drafting of numerous regulations mandated by the Dodd-Frank Act, and construction of the newly established Consumer Financial Protection Bureau (CFPB).  This Alert summarizes various provisions of the Dodd-Frank Act that will affect how the residential mortgage industry operates for the foreseeable future.  Regulators must now decide how to best implement the law, with the aid of a follow-on technical bill to be released later by Congress.