Post Dodd-Frank World Poses Significant Litigation Risk
September 26, 2011
Certain elements of the Dodd-Frank Act such as the new standard related to unfair, deceptive and abuse acts and practices (UDAAP), along with the Federal Reserves ability to repay provisions proposal, present significant litigation risk to lenders, a top litigation attorney told industry representatives early this week. Speaking to attendees at the Mortgage Bankers Associations regulatory compliance conference in Washington, DC, on Sunday, Andrew Stutzman, a partner with Stradley, Ronon, Stevens & Young LLP, said, Im very troubled by Dodd-Frank in many respects. I think it and the regulations that are coming out and have come out the Feds ability-to-repay proposal are extremely complicated and extremely confusing.