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Commercial Law League Of America
Connections Newsletter - April 2015
Featuring the 2015 National Convention information, 2015-2016 Board of Governors Nominees, Rules of Order, and Proposed Constitutional Amendments. Read the newsletter in its entirety here, check your inbox, or download a PDF now.
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FROM THE CLLA NEWSWIRE
April 14, 2015
As a follow up to a previous update, here is a copy of the GAO Report entitled, “Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination”, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Action. The report addresses recent changes to the Bankruptcy Code. According to the report, HR 5421 and S 1861, two bills introduced in the 113th Congress would have expanded the powers of the Board of Governors of the Federal Reserve and would have imposed a temporary stay on financial derivatives. Neither of these bills has been reintroduced in the 114th Congress.
April 09, 2015
The CFPB has finalized a policy that allows consumers to share publicly their own narratives about interaction with financial services providers in filed complaints by checking a box and opting in to share their account of the dispute. Companies named in complaints will have the option to respond within 180 days after the complaint is routed to them, but only by using a selection of structured responses as a “public-facing” response. In an effort at countering the risk of reputational harm to companies, the CFPB has also published a request for information on how to highlight positive consumer experiences.