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IBA Issues Response to Proposed Lawyer Regulation

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As the United States Senate began debate on the proposed Consumer Financial Protection Act (“CFPA”), the Indianapolis Bar Association issued a letter to oppose provisions within the CFPA which would grant the proposed Bureau of Consumer Financial Protection broad new powers to regulate lawyers. Signed by IBA President Chris Hickey, the letter notes several concerns.

“These provisions will allow the Bureau to regulate and interfere with core aspects of the confidential attorney-client relationship, including the legal advice and other important legal services that lawyers routinely provide to their consumer clients,” wrote the IBA.

The letter added, “These provisions will also undermine traditional state court regulation of lawyers and will result in new federal rules that are inconsistent with the state courts’ longstanding ethical rules and standards governing lawyers.”

It also asserted that “allowing the Bureau to fully regulate lawyers just as if they were non-bank financial institutions will discourage many lawyers from providing the legal services that consumer clients need to save their homes from foreclosure, resolve their debt problems, or avoid bankruptcy.”

To avoid these problems, the IBA urged support of the “Exclusion for the Practice of Law” proposed by the American Bar Association, which is almost identical to the amendment previously crafted by leaders of the House Judiciary and Financial Services Committees and incorporated into the House-passed financial overhaul bill, H.R. 4173.

The IBA noted, “Unlike the narrow ‘Exclusion for Attorneys’ provision currently contained in Section 1027(e) of the Senate bill, the proposed amendment would protect consumers while preserving the confidential attorney-client relationship, traditional state court regulation and supervision of lawyers, and the continued availability of quality legal services that consumer clients need.”

The letter was sent to Indiana’s U.S. Senators Richard Lugar and Evan Bayh, as well as U.S. Senate Committee on Banking, Housing & Urban Affairs Chairman Senator Chris Dodd and Ranking Member Senator Richard Shelby.•

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  2. Fiat justitia ruat caelum is a Latin legal phrase, meaning "Let justice be done though the heavens fall." The maxim signifies the belief that justice must be realized regardless of consequences.

  3. Indiana up holds this behavior. the state police know they got it made.

  4. Additional Points: -Civility in the profession: Treating others with respect will not only move others to respect you, it will show a shared respect for the legal system we are all sworn to protect. When attorneys engage in unnecessary personal attacks, they lose the respect and favor of judges, jurors, the person being attacked, and others witnessing or reading the communication. It's not always easy to put anger aside, but if you don't, you will lose respect, credibility, cases, clients & jobs or job opportunities. -Read Rule 22 of the Admission & Discipline Rules. Capture that spirit and apply those principles in your daily work. -Strive to represent clients in a manner that communicates the importance you place on the legal matter you're privileged to handle for them. -There are good lawyers of all ages, but no one is perfect. Older lawyers can learn valuable skills from younger lawyers who tend to be more adept with new technologies that can improve work quality and speed. Older lawyers have already tackled more legal issues and worked through more of the problems encountered when representing clients on various types of legal matters. If there's mutual respect and a willingness to learn from each other, it will help make both attorneys better lawyers. -Erosion of the public trust in lawyers wears down public confidence in the rule of law. Always keep your duty to the profession in mind. -You can learn so much by asking questions & actively listening to instructions and advice from more experienced attorneys, regardless of how many years or decades you've each practiced law. Don't miss out on that chance.

  5. Agreed on 4th Amendment call - that was just bad policing that resulted in dismissal for repeat offender. What kind of parent names their boy "Kriston"?

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