DETROIT — Dykema Gossett PLLC and Practising Law Institute announce the release of the Consumer Financial Services Answer Book 2012-2013. This revised and updated edition, published by PLI and authored by the lawyers at Dykema, explores the core federal laws that govern consumer credit, and includes a detailed description of the increasingly powerful Bureau of Consumer Financial Protection (CFPB). Dykema members Richard E. Gottlieb, Arthur B. Axelson, and Thomas M. Hanson edited the book, and several Dykema lawyers played significant roles as chapter authors, including Gottlieb and Donald C. Lampe, both Chambers-listed leaders in financial services.
Like its first edition published last year, the new Consumer Financial Services Answer Book 2012-13 provides clear and concise answers to the many questions being asked about consumer lending following the historic enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act has dramatically reshaped the regulation of consumer financial services in the United States and not only led to the creation of an entirely new regulatory agency—the Consumer Financial Protection Bureau—but has also significantly altered a number of federal laws that govern the extension of consumer credit.
Newly revised and expanded, the treatise covers these core federal laws such as the Truth in Lending Act and the Fair Credit Reporting Act as well as the numerous laws that specifically address mortgage lending, auto finance and related areas of consumer credit. The book describes in detail the regulatory structure and requirements from these revisions and provides the practical guidance needed by both a seasoned practitioner or someone just entering the world of consumer finance.
There are numerous changes and updates for the 2012-13 edition. Most notably, President Obama’s recess appointment of a permanent director (Richard Cordray) triggers broad new powers for the CFPB, and the months since that appointment have seen major new regulatory and enforcement initiatives. The book lays out various litigation techniques and strategies, and provides insight on some of the biggest issues facing practitioners in the field.
Says co-editor Richard Gottlieb, “We think this updated guide will help clear up some of the confusion and help financial institutions and their lawyers navigate a series of new laws that will dramatically impact the compliance practices of every consumer lender, servicer and retailer.”
The 818-page single volume Consumer Financial Services Answer Book 2012–2013 is $235 and is available at www.PLI.edu as well as retailers such as Amazon.com. It is also available in e-book form for the Kindle.