The lending community will be facing exponentially more risk with the implementation of Title X of the Dodd-Frank Act.
Title X declares as unlawful — and gives the new Consumer Financial Protection Bureau the power to regulate — unfair, deceptive or abusive acts or practices (UDAAP) among the lending community. While similar laws, such as the Federal Trade Commission Act and the Little-FTC Acts of the 50 states, have been around for years, today’s legal and regulatory landscape is changing in potentially dangerous and unpredictable ways. With a new federal regulator, a rapidly developing body of regulations and case law, and the ambiguous concept of “suitability,” the best defense going forward is a good offense. Institutions must start thinking proactively in order to limit their risks.
This Webinar will look back at the major historical developments in the unfair or deceptive acts or practices law, provide information about the definition and implementation of UDAAP under Title X, and attempt to predict how these laws are likely to be applied in the future against the mortgage industry. The presenter will provide a map of issues to look out for and compliance solutions to minimize risk going forward.
Martin J. (Marty) Bishop
Partner, Foley & Lardner LLP
Martin J. (Marty) Bishop is a partner of Foley & Lardner LLP, based in the firm’s Chicago office. He is vice chair of the firm’s national Consumer Financial Services Litigation Practice and a member of the Business Litigation & Dispute Resolution, Appellate and Intellectual Property Litigation Practices, as well as the firm’s Entertainment & Media Industry Team. His practice focuses on complex civil litigation, including litigating disputes in the areas of consumer finance, banking, class action defense, manufacturing and distribution, trade secrets, non-compete agreements, employer/employee disputes, real estate, development, construction law, RICO, reinsurance and insurance disputes, intellectual property, administrative appeals, horse racing, gaming, libel and slander, corporate fiduciary law, and complex and sophisticated contractual disagreements.
Recently, Bishop orchestrated the successful defense of consumer claims lodged against major financial institutions in a decision that was upheld by the 7th U.S. Circuit Court of Appeals. See London v. RBS Citizens, 600 F.3d 742 (7th Cir. 2009).
Bishop frequently writes and lectures about a variety of topics. In the area of consumer financial services, he is the founder and editor of and a contributor to the CFSL Bulletin (CFSLBulletin.com), a blog devoted to legal developments in consumer financial services litigation. In addition, Bishop regularly speaks on the topic of developments in the area, including the recent developments under Title X of the Dodd-Frank Act.
Contact: [email protected]