Consumer finance attorney warns banks about changes
By Beth Rutledge | Publicist | Phillips Murrah P.C.
[ DECEMBER 1, 2010 - OKLAHOMA CITY, OK ] - At the annual conferences for the Oklahoma Chapter of the Risk Management Association, attorney Eric L. Johnson, a shareholder with Oklahoma City-based Phillips Murrah, warned banking executives about coming changes to federal law and regulations and their impact on the financial services industry.
"With the recent enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act," Johnson said, "banks and clients would do well to expect tighter regulations and scrutiny, especially by the newly formed Bureau of Consumer Financial Protection. The recent change in power in the U.S. House of Representatives will likely have limited affect on the enormous power and regulatory authority of the newly created bureau."
The bureau, created under the Dodd-Frank Act, will be tasked with enforcing 28 existing consumer financial protection laws and will have broad authority to create and enforce new consumer protection rules. Johnson alerted industry leaders that with such broad guidelines and informal oversight, banks and consumers can expect that the financial industry will continue to slow down if such close watch is as strictly enforced as predicted.
ABOUT ERIC L. JOHNSON: Johnson is a frequent speaker on commercial and consumer financial services law topics. A 1994 graduate of Oklahoma City University School of Law, Johnson represents national finance companies and a wide range of business and financial institutions, providing consumer credit compliance advice on complex federal and state laws and regulations.