CFPB Needs to Begin Rulemaking on Data-Gathering for Credit Applications

By Pamela J. Bethel This is the third blog post in our series about new federal regulatory initiatives in the first half of 2014. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, one of the lesser-known sections of that broad and extensive statute, requires financial institutions to report information concerning credit […]

JPMorgan Chase’s Trading Errors Help Make Case for Volcker Rule

By Pamela J. Bethel The announcement that JPMorgan Chase recently lost at least $2 billion due to ill-advised hedge fund trading could not have come at a worse time for the banking industry and for Jamie Dimon, the mega-bank’s CEO. That’s because banking regulators are close to agreement on the content of the so-called Volcker […]

CFPB Makes Excellent Hire for Director of Minority and Women Inclusion

By Pamela J. Bethel We have already written about Section 342 of the Dodd-Frank Act, which requires that financial regulatory agencies set up Offices of Minority and Women Inclusion. The purpose of these offices is both to encourage diversity of employment within the agencies themselves and to promote diversity in hiring and contracting within the […]

Financial Agencies’ Quest for Inclusiveness Still Has Long Way to Go

We have previously written about Section 342 of the Dodd-Frank legislation, at the time a little-noticed portion of the broad financial reform bill that requires the financial regulatory agencies to set up Offices of Minority and Women Inclusion (OMWI offices). Now, due to our efforts and the efforts of many others, Section 342 is becoming […]

Cordray Appointment Is Signal to Industry to Get Its House in Order

By Pamela J. Bethel Now that President Obama has used his recess appointment power and installed Richard Cordray as head of the new Consumer Financial Protection Bureau (CFPB), Cordray has wasted no time in asserting his priorities and getting started with his regulatory agenda. Under the Dodd-Frank law that set up the CFPB to curb […]

Bethel Set to Speak on Diversity in Financial Services Industry

Firm Partner Pamela J. Bethel is scheduled to participate in a program in late January 2012 in New York City sponsored by the Rainbow PUSH Wall Street Project. The project, headed by the Rev. Jesse Jackson, is an outgrowth of a social justice movement intended to secure equal opportunity and protection under the law for […]