Todd E. Soloway, Pryor Cashman partner and Chairman of the firm’s Real Estate Litigation Group, was interviewed by Crain’s New York Business for its September 19, 2011 article, “Watchdog agency sparks anxiety for entrepreneurs.”

Initiated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau has the broad mandate of protecting consumers from misleading, unfair, abusive and discriminatory financial practices.

According to the article, which debates the positive and negative effects of the agency on small businesses throughout the city, the CFPB is also establishing standards for mortgage servicing while creating rules that require lenders to evaluate borrowers’ ability to repay those loans. When asked what implications such standards could have on the market, Soloway claimed, “the bureau’s activities could exacerbate the already-challenged residential real estate market and hurt small firms involved in home sales, appraisals, and mortgage brokerage and lending.”

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