Riley quoted in Legal Description article

Riley quoted in Legal Description article
What we’re hearing: Reactions to the CFPB’s proposed rules
July 30, 2012
The Legal Description

Francis X. "Trip" Riley, III, a partner and chair of the Consumer Financial Services Practice, is quoted in this article about reaction to the Consumer Financial Protection Bureau’s (CFPB) release of its highly anticipated, 1,099-page proposed rule regarding the combination of the good faith estimate, HUD-1 settlement statement and Truth In Lending disclosures into a loan estimate form and closing disclosure designed to encompass RESPA, the Truth In Lending Act, Regulation X and Regulation Z.

“These proposed rules will affect the relationship between lenders/creditors and their third-party vendors such as title companies and settlement/closing agents, and they dovetail nicely into Dodd-Frank’s requirement that lenders/creditors assure these and other vendors are fully knowledgeable and compliant with all consumer protection statutes and regulations or face liability if not,” Trip said.