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Summary of the Fair Lending Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

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4. disgorgement or compensation for unjust enrichment;

5. payment of damages or other monetary relief;

6. public notification regarding the violation,

7. limits on the activities or functions of the person; and

8. civil penalties and the cost of investigations. [10]

Civil penalties under the Act range from $5,000 per day for First Tier violations, $25,000 per day for second tier violations (reckless engagement) and up to $1,000,000,000 per day for intentional violations of Federal consumer financial law. The Bureau can consider mitigating factors when imposing penalties.

Complaint Process

The Bureau is required to establish reasonable procedures to provide a timely response to complaints against, covered entities. The Bureau must:

1. develop an appropriate process to receive complaints and inquiries from the public;

2. develop an appropriate process to investigate and address complaints and inquiries from the public;

3. develop an appropriate process to record and review any responses received from covered entities;

4. develop an appropriate process for follow-up actions in response to complaints or inquiries of the public.

Investigative Process

The investigative process outlined in the Act gives the Bureau the power to issue a civil investigative demand letter.

Each civil investigative demand letter must:

1. State the nature of the conduct constituting the alleged violation which is under investigation and the provision of law applicable to such violation.

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Stella Adams is the founder and CEO of S J Adams Consulting which performs research and policy development in the areas of fair housing, and fair lending. Ms. Adams served on the Federal Reserve Board Consumer Advisory Council (1/05-12/07), which (more...)
 
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I apologize, this issue is a bit complex to me, so... by Joyce McCloy on Sunday, Nov 7, 2010 at 4:51:45 PM