August 01, 2012

Jonathan Pompan quoted extensively in Law360 on the CFPB's regulatory efforts in its first year

2 min

Venable of counsel Jonathan Pompan was quoted extensively in a Law360 article on July 31, 2012 regarding the Consumer Financial Protection Bureau's (CFPB) regulatory efforts in its first year of existence. The bureau's enforcement division has been engaged in multiple investigations of breaches of consumer financial protection laws, which resulted in a recent temporary restraining order against a California loan modification law firm over accusations of false advertising according to the complaint.

Discussing the method of the CFPB's first civil enforcement action where the CFPB obtained a temporary restraining order that was secured on an emergency basis Pompan said, “We've yet to see how a more traditional investigation will turn out." Pompan continued his analysis of the CFPB's first year, highlighting, "The regulatory efforts of the CFPB, in many ways, appear to be eclipsed by its crowdsourcing and bully-pulpit function, which is already having an impact but is harder to quantify." He added that "After generating the results that it did in its first year, the CFPB is likely to be even more effective now that it has gone through a year of growing pains. One area that is likely to see a big uptick in is enforcement." Pompan concluded saying, "The story of the second year is that the bureau has its sea legs and is going to be firing on all cylinders."