Venable of counsel Jonathan Pompan was quoted on the first anniversary of the Consumer Financial Protection Bureau (CFPB) in The National Law Journal on July 24, 2012. Over the past year, the independent agency has been a political target but has pushed forward with its agenda.
Commenting on the impact of the CFPB on its first anniversary, Pompan said, “They're not messing around,” adding, “A year ago, we said there was a new sheriff in town. It's not just a sheriff — it's an army.” Over the past year, the CFPB has been active on many fronts including monitoring credit reporting agencies, consumer financial products, payday loans, and student loans. According to Pompan, the agency’s “consistency in approach rivals a political campaign.” Pompan also noted that the CFPB has embraced “the power of the bully pulpit” and that “nonrulemaking guidance and other pronouncements seem to be far more prevalent than actual substantive rules.” While praising the agency for seeking input from industry stakeholders, Pompan added, “Whether they'll actually incorporate it into the final decision remains to be seen.”