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The Legal Aspects Of Credit Reporting: Boston Attorney Insights – The Dodd-Frank Wall Street Reform and Consumer Protection Act is legislation passed by the US Congress in response to the behavior of the financial industry leading up to the 2007-2008 financial crisis. She worked to make America’s financial system safer for consumers and taxpayers.
The law, named after its sponsors, Sen. Christopher J. Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.), contains numerous provisions written into 848 pages that are expected to be implemented over a period of several years.
The Legal Aspects Of Credit Reporting: Boston Attorney Insights
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a sweeping piece of financial reform legislation passed in 2010 during the Obama administration.
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Commonly known as the Dodd-Frank Act or Dodd-Frank, it created a number of new government agencies charged with overseeing various components of the law and, in turn, various aspects of the financial system.
The financial crisis of 2007-2008 is perhaps the worst economic disaster to hit the country (and the world) since the Wall Street Crash of 1929. It was largely caused by greedy behavior and lax oversight of financial institutions.
Deregulation of the financial industry in the decades leading up to 2007 allowed various types of institutions in the US financial services industry to lend money in ways that were riskier than ever before. The housing sector, in particular, experienced massive growth that could not be sustained.
The bubble burst and banking and global stock markets plummeted. It created the worst global recession in generations.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act was intended to prevent another financial crisis like the one in 2007-2008.
When Donald Trump was elected president in 2016, he pledged to repeal Dodd-Frank. On the side of critics, the US Congress passed the Economic Growth, Regulatory Relief and Consumer Protection Act, which repealed important parts of the Dodd-Frank Act.
These are some of the provisions of this law and some of the areas where previous standards were lax:
After Joseph Biden was elected president in 2020, the CFPB focused on repealing Trump-era rules that were in direct conflict with the CFPB’s charter.
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The Bidden administration also announced its intention to reinstate rules against other forms of predatory lending, such as payday loans, and on June 30, 2023, Bided signed into law a bill repealing the OCC’s payday lending regulations. In addition, the CFPB addresses subprime auto loan practices.
Proponents of Dodd-Frank believed the law would prevent the economy from experiencing a crisis like the one in 2007-2008 and protect consumers from many of the abuses that contributed to the crisis.
Opponents, however, argued that the law could harm the competitiveness of American companies compared to their foreign counterparts. In particular, they argue that its compliance requirements place an undue burden on community banks and smaller financial institutions, despite the fact that they played no role in causing the financial crisis.
Celebrities from the financial world, such as former Treasury Secretary Larry Summers, CEO of Blackstone Group L.P. (BX) Stephen Schwarzman, activist Carl Icahn and CEO of JPMorgan Chase & Co. (JPM) Jamie Dimon, also argued that every institution is arguably safer because of the capital restrictions imposed by Dodd-Frank, the restrictions generally make for a more illiquid market.
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Lack of liquidity can be particularly acute in the bond market, where not all securities are marked to market and many bonds do not have a steady supply of buyers and sellers. Higher reserve requirements under Dodd-Frank mean that banks must hold a higher percentage of their assets in cash. This reduces the amount they can hold in marketable securities.
In effect, this limits the bond market-making role that banks have traditionally assumed. Since banks cannot play the role of market maintainers, it is likely that potential buyers will find it harder to find an opponent for the sellers. More importantly, prospective sellers may find it more difficult to find counterparties.
Dodd-Frank was intended to curb the extremely risky activities of the financial industry that led to the financial crisis of 2007-2008. Its goal was, and still is, to protect consumers and taxpayers from unscrupulous practices such as predatory lending.
That; however, its regulatory power was weakened by the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018. However, some aspects, such as the bank stress tests it required, are still in place today. The Federal Reserve regularly publishes the results of stress tests.
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Opponents of the Dodd-Frank Act argued that the law could harm the competitiveness of American companies compared to their foreign counterparts. In particular, critics argue that its compliance requirements place an undue burden on community banks and smaller financial institutions—despite the fact that they played no role in causing the financial crisis. Several prominent global financiers have also argued that while every institution is undoubtedly safer as a result of the capital restrictions imposed by Dodd-Frank, the restrictions also result in a more illiquid market overall.
In 2018, the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act repealed many of the regulations introduced by the Dodd-Frank Act. Under the Dodd-Frank rules, banks with $50 billion in assets were subject to stricter capital and liquidity requirements, but the new law in 2018 raised the threshold to $250 billion in assets. This change eased the regulations for small and medium-sized banks. When Silicon Valley Bank collapsed in March 2023, observers argued that the lack of regulatory oversight of financial institutions of this size played a key role in the bank’s failure.
The Dodd-Frank Act, passed in 2010, was a direct response to the financial crisis of 2007-2008 and the resulting government bailout under the Troubled Asset Relief Program (TARP).
This law established a wide range of reforms throughout the financial system with the aim of preventing a repeat of the 2007-2008 crisis and the need for further bailouts. The Dodd-Frank Act also included additional consumer protections.
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Although the Trump administration has repealed and weakened several aspects of the Dodd-Frank Act, particularly those that affected consumers, the Biden administration plans to reinstate and strengthen previous repeals to protect individuals who may be subject to predatory lending practices in industries such as for-profit education. and cars.
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If Credit Collection Services calls you, you may be wondering who they are and why they want money.
Credit Collection Services is a debt collector. If they are calling you, it is likely that you have not paid your loan. The lender has sold the account to credit collection services or held them to collect it from you.
This can be stressful in many ways. You will likely hear from them often, they may be aggressive and put a collection account on your credit report, which will seriously damage your credit score. You could even be sued.
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Here’s what you need to know about the company: who they are, what they do, and how to resolve your debt and get their name removed from your credit report.
They go by several names including Credit Collection Services, CCS Offices, CCS Credit Collection, CCS Payment and CCS Commercial Services, CCS Enterprises and CCS Credit Collection Services.
CCS Collections buys back debt from creditors. They then seek to collect all or part of that debt from consumers like you.
📰 New federal debt collection regulations went into effect on November 30, 2021. The new rules will have a far-reaching impact on the debt collection industry. If you have past due debts or accounts in collection, these rules will affect you.
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If you contact a credit collection agency—or any collection agency—there are things you can (and should) do. There are also two things you should not do:
The Fair Debt Collection Practices Act (FDCPA) sets out the rights of debtors and the obligations of debt collectors. Here are some key points.
For a complete overview of your rights under the FDCPA, see this summary from the Consumer Financial Protection Bureau (CFPB).
If you believe a debt collector is breaking the rules, you can report them to the FTC, CFPB, and state attorney general.
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Under new regulations that came into effect on November 30, 2021, debt collectors must send you a debt notice within 5 days of the first
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