Consumer Finance

FRB Issues Proposed Rule Regarding Reg. B — Car Dealers Need Not Comply with Dodd-Frank Data Collection Requirements Until Board Issues Final Regulations

July 6, 2011

The FRB issued a proposed rule under Reg B that car dealers need not comply with certain data collection requirements in Dodd-Frank until the FRB issues final regulations. Dodd-Frank amended ECOA to require creditors to collect and report information concerning credit applications made by women-owned or minority-owned businesses and small businesses. Public comment on the proposed rules must be submitted by July 29, 2011. For a copy of the press release, please see http://www.federalreserve.gov/newsevents/press/bcreg/20110620a.htm. For a copy of the notice of proposed rule, please see http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110620a1.pdf.

Subscribe to Consumer Finance

Thank you for your desire to subscribe to Severson & Werson’s Consumer Finance Weblog. In order to subscribe, you must provide a valid name and e-mail address. This too will be retained on our server. When you push the “subscribe button”, we will send an electronic mail to the address that you provided asking you to confirm your subscription to our Weblog. By pushing the “subscribe button”, you represent and warrant that you are over the age of 18 years old, are the owner/authorized user of that e-mail address, and are entitled to receive e-mails at that address. Our weblog will retain your name and e-mail address on its server, or the server of its web host. However, we won’t share any of this information with anyone except the Firm’s employees and contractors, except under certain extraordinary circumstances described on our Privacy Policy and (About The Consumer Finance Blog/About the Appellate Tracker Weblog) Page. NOTICE AND AGREEMENT REGARDING E-MAILS AND CALLS/TEXT MESSAGES TO LAND-LINE AND WIRELESS TELEPHONES: By providing your contact information and confirming your subscription in response to the initial e-mail that we send you, you agree to receive e-mail messages from Severson & Werson from time-to-time and understand and agree that such messages are or may be sent by means of automated dialing technology. If you have your email forwarded to other electronic media, including text messages and cellular telephone by way of VoIP, internet, social media, or otherwise, you agree to receive my messages in that way. This may result in charges to you. Your agreement and consent also extend to any other agents, affiliates, or entities to whom our communications are forwarded. You agree that you will notify Severson & Werson in writing if you revoke this agreement and that your revocation will not be effective until you notify Severson & Werson in writing. You understand and agree that you will afford Severson & Werson a reasonable time to unsubscribe you from the website, that the ability to do so depends on Severson & Werson’s press of business and access to the weblog, and that you may still receive one or more emails or communications from weblog until we are able to unsubscribe you.

I Agree

Follow @SeversonWerson

Effective, Experienced, Exceptional.

Consumer Finance

FRB Issues Proposed Rule Regarding Reg. B — Car Dealers Need Not Comply with Dodd-Frank Data Collection Requirements Until Board Issues Final Regulations

Categories

San Francisco

Severson & Werson

Orange County

Severson & Werson