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

By       Message Stella Adams       (Page 3 of 5 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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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

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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

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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

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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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