Venable of counsel Jonathan Pompan was quoted in the Associated Press on September 12, 2012 on the recent progress of the Consumer Financial Protection Bureau. In its 14 months of existence, the CFPB has launched dozens of enforcement probes and issued more than 100 subpoenas seeking data, testimony, and marketing materials from several companies including credit card companies, for-profit colleges, and mortgage services. The article was picked up by multiple publications including the Washington Post.
Prior to the creation of the CFPB, oversight of many businesses now under its jurisdiction used to fall under the Federal Trade Commission (FTC). Commenting on the CFPB’s role, Pompan said, “It’s the FTC on steroids.” Comparing the CFPB to the FTC which was stretched thin on enforcement, Pompan said the CFPB’s “enforcement team is in a stronger position to go after financial products that the bureau thinks might harm consumers.”
Prior to the creation of the CFPB, oversight of many businesses now under its jurisdiction used to fall under the Federal Trade Commission (FTC). Commenting on the CFPB’s role, Pompan said, “It’s the FTC on steroids.” Comparing the CFPB to the FTC which was stretched thin on enforcement, Pompan said the CFPB’s “enforcement team is in a stronger position to go after financial products that the bureau thinks might harm consumers.”