| |||||||||||||||||||||||||||||||||||||||
Federal legislation enacted in the aftermath of the 2008 financial meltdown, joining sometimes decades-old laws, have placed new compliance and reporting requirements among other new rules and duties on banking institutions, giving bankers more to do beyond serving customers, industry professional say.
The Consumer Financial Protection Bureau focuses on consumer issues, primarily at mortgage brokers, payday lenders and the largest banking institutions. Controversy has surrounded the recess appointment by President Barack Obama of Richard Cordray to run the agency, casting doubt on whether it will be able to enforce rules until the question of the legitimacy of his authority is resolved.
The Dodd-Frank Wall Street Reform and Consumer Protection Act marks the largest legislative change to government regulation of financial services since the aftermath of the Great Depression in the 1930s. By some estimates, the act requires various agencies within the federal government to create hundreds of new rules and regulations for all financial institutions doing business in the United States.
E-mail to: ktarbous@njbiz.com
On Twitter: @KenTarbous
Revenue projections paint different pictures of business situation
Prudential’s landlords mount challenge to transit hub incentive
Christie attacks revenue projections, likens OLS to Dr. Kevorkian
Award winners say development programs helped their small businesses grow
Carpet recycler relies on location to feed its growing business
|
