January 29, 2013

Law360 quotes Jonathan Pompan on new CFPB targets

1 min

Venable partner Jonathan Pompan was quoted in a January 28, 2013 Law360 article on the Consumer Financial Protection Bureau’s (CFPB) plans to aggressively expand its regulatory authority. The CFPB is expected to target debt relief services, prepaid cards and other products that have mostly any form of oversight.

Pompan said over the next few months, the CFPB is likely to turn its attention to defining companies it plans to regulate. “They may move much more swiftly on process-related rules and less on substantive rules, including larger participant registration and other rulemakings that would assist in the supervision and examination function as well as data collection,” he said.

Pompan also spoke about last week’s ruling in the DC Circuit that President Obama recess appointments to the National Labor Relations Board were unconstitutional. Richard Cordray, the CFPB director, was also part of those recess appoints. “I think what they've said and done up to now and their specific response to the court decision itself, I would be surprised if they operate in any fashion other than business as usual,” Pompan said commenting on the potential impact on the Cordray’s appointment and the CFPB. “It's in their best interest, both from a tactical as well as a strategic perspective, to continue to forge ahead.”