Venable partner Jonathan Pompan was quoted in a January 22, 2016 Bloomberg BNA article on the Consumer Financial Protection Bureau's (CFPB) "to do" list heading into the 2016 presidential election. A new president next year will likely mean a significant change in direction or structure for the CFPB. This year, the CFPB plans to address rules affecting debt collection, prepaid products, mandatory arbitration clauses, and payday loans in the coming year.
According to Pompan, the CFPB needs to pick up its rulemaking pace "if the agency intends to make a dent in its agenda before the end of [Director Richard] Cordray's term or changes to the CFPB's structure are imposed, whichever comes first." He predicted that the "CFPB will continue to make examination findings and bring enforcement actions that are groundbreaking and test the boundaries of the agency's authority, fair notice, and due process."
According to Pompan, the CFPB needs to pick up its rulemaking pace "if the agency intends to make a dent in its agenda before the end of [Director Richard] Cordray's term or changes to the CFPB's structure are imposed, whichever comes first." He predicted that the "CFPB will continue to make examination findings and bring enforcement actions that are groundbreaking and test the boundaries of the agency's authority, fair notice, and due process."