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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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2. describe each class of documentary material to be produced under the demand with such definiteness and certainty as to permit such material to be fairly identified;

3. describe each class of tangible things to be submitted under the demand with such definiteness and certainty as to permit such things to be fairly identified;

4. prescribe a return date or dates which will provide a reasonable period of time within which the material so demanded may be assembled and made available for inspection and copying or reproduction; and

5. identify the custodian to whom such material shall be made available.

Each civil investigative demand for written reports or answers to questions shall--

1. propound with definiteness and certainty the reports to be produced or the questions to be answered;

2. prescribe a date or dates at which time written reports or answers to questions shall be submitted; and

3. identify the custodian to whom such reports or answers shall be submitted.

All documents, written reports and other tangible things must be returned under a sworn certificate and written answers are to be submitted under oath.

If the Bureau investigator seeks to interview a witness and obtain oral testimony the investigator must prescribe a date, time, and place and identify the Bureau investigator who will conduct the investigation and the name of the person who is the official custodian of the records. The testimony must be taken stenographically and transcribed. [11]

The Office of Fair Lending and Equal Opportunity has the authority to issue subpoenas, and compel compliance with the subpoena through the District Courts.

Other Fair Lending Related Items

The Act creates a "Consumer Advisory Board to advise and consult with the Bureau in the exercise of its functions under the Federal consumer financial laws, and to provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information." [12] Membership of the Board will include experts in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans. [13]

Finally, the Office is required to report to Congress on an annual basis on its efforts to fulfill the fair lending mission of the Bureau. [14]


[1] H. R. 4173 1013

[2] 42 U.S.C. 3608

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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