Cloud of uncertainty hangs over new banking compliance rules
Financial Services Litigation co-practice group leader and Richmond partner David Anthony was quoted in an October 30 Virginia Business article titled “Cloud of uncertainty hangs over new banking compliance rules.”
Discussing the angst being felt among banks and financial services firms stemming from the uncertainty over how to meet the compliance requirements being developed by the new Consumer Financial Protection board (CFPB), Anthony said that banks are used to being regulated, so this is a somewhat familiar experience for them, but not so for other firms.
“Credit-card issuers, credit-reporting agencies, users of credit information, mortgage lenders, mortgage servicers, student lenders … for the most part those folks have never really been subject to federal oversight, with the full-blown supervision and examination authority,” he said. “They’re beginning to face the reality.”