Dykema Authors New Consumer Financial Services Answer Book 2011

Q&A Guide Outlines Impact of the Consumer Financial Protection Act of 2010

WASHINGTON, June 7, 2011 /PRNewswire-USNewswire/ --  The Practising Law Institute has released the first edition of its Consumer Financial Services Answer Book 2011. Authored and edited by the consumer financial services lawyers at Dykema Gossett PLLC, the book is intended to provide 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 Dodd-Frank Act has fundamentally altered the regulation of consumer financial services in the United States. It has created an entirely new regulatory agency -- the Consumer Financial Protection Bureau --and has made major amendments to various federal laws governing the extension of consumer credit. Many of these important changes go into effect on July 21, 2011. The Consumer Financial Services Answer Book 2011 describes in concise detail the regulatory structure and requirements after these revisions take place, serving as an accessible, step-by-step guide to compliance for a seasoned practitioner or someone just entering the world of consumer finance.

Dykema partners Richard E. Gottlieb, Arthur B. Axelson, and Thomas M. Hanson edited the first edition of the book, and several other Dykema lawyers played significant roles as chapter authors. The book provides a basic primer on consumer credit, a discussion of the bureau and the changes to the consumer credit laws mandated by the Dodd-Frank Act, the core federal laws governing all consumer credit, as well as the numerous federal laws that specifically address mortgage lending.

Lead editor Richard Gottlieb is director of Dykema's Financial Industry Group. Says Gottlieb, "the Consumer Financial Protection Act of 2010 is the most significant legislative and financial regulatory development to touch the space, but it is extremely complex and challenging to interpret. We developed this comprehensive guide to 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 Consumer Financial Services Answer Book 2011 is also a handy guide on the latest litigation trends. It provides practical insight on litigation practices in this area, including special coverage on e-filing and document retention requirements as well as expert knowledge on consumer financial class actions and other issues of emerging concern.

The single volume Consumer Financial Services Answer Book 2011 is $235 from Practising Law Institute and is available here: http://www.pli.edu/Content.aspx?dsNav=Rpp:1,N:4294923319- 165&ID=129336. It may also be purchased directly from retailers such as Amazon.com.

About the Editors

Richard E. Gottlieb is a senior member of Dykema in Chicago and director of the firm's Financial Industry Group. He represents primarily banks, mortgage companies, captive auto finance companies and retailers in the defense of both individual and putative class action suits alleging false or deceptive practices and statutory consumer lending violations. Mr. Gottlieb is a frequent author and lecturer on financial services, class actions, and trial practice matters, and has been interviewed on programs such as NBC Nightly News with Brian Williams and National Public Radio's All Things Considered. He is an active member of various bar and trade associations. A recognized leader in the field, he has been elected by his peers to both the American College of Consumer Financial Services Lawyers (where he is a Member of the Board of regents) and the American College of Mortgage Attorneys.

Arthur B. Axelson leads Dykema's financial services regulatory and compliance practice, interacting with federal and state banking officials, assisting clients on compliance and new product development, and coordinating the firm's overall national consumer finance compliance lawyers in the firm's offices across the country. He represents a broad range of financial institutions, brokers, lenders, investors, servicers, and other service providers on consumer financial service, retail banking, and regulatory banking matters. Mr. Axelson's primary areas of practice include federal and state regulatory compliance with special emphasis on new product development, residential mortgage lending, regulatory banking, and ecommerce in the financial services industry.

Thomas M. Hanson is a member of Dykema, and is the head of the Dallas office Consumer Financial Services practice. Mr. Hanson is licensed to practice in Texas, California, and Michigan, and his primary focus is the representation of financial services companies in a variety of litigation matters, including commercial disputes, wrongful foreclosure, mortgage fraud, and individual and putative class actions alleging various statutory and common law theories of deceptive practices/predatory lending.

About PLI

Practising Law Institute (PLI) is a non-profit continuing legal education organization dedicated to providing the legal community with the most up-to-date information available. Founded in 1933, PLI has a continuing mission to enhance the professionalism of attorneys and other qualified persons by providing the highest quality and most innovative programs. PLI also offers one-hour briefings, online CLE, publications, and other services to enable attorneys to practice competently and ethically, as well as to fulfill pro bono responsibilities. PLI offers more than 300 programs annually in locations across the United States, including live webcasts, interactive multimedia, web programs, course handbooks, and annually supplemented treatises and answer books. In addition, PLI annually awards more than 3,000 full and partial scholarships to its programs. Learn more about PLI at www.pli.edu

About Dykema

Dykema is a leading national law firm, serving business entities worldwide on a wide range of complex business issues. Dykema lawyers and other professionals in 10 U.S. offices work in close partnership with clients – from start-ups to Fortune 100 companies – to deliver outstanding results, unparalleled service and exceptional value in every engagement. To learn more, visit www.dykema.com.

SOURCE Practising Law Institute