Venable partner Jonathan Pompan
was quoted in a June 26, 2013 Law360
article on the Consumer Financial Protection Bureau’s (CFPB) recently released best practices for navigating an investigation. The guidelines outline actions a company under investigation should take to possibly ease any penalties it may face. Industry attorneys caution that a lack of clarity in the guidelines still leave companies at risk in an investigation.
Despite concerns, the guidelines were generally welcomed for providing clarity to some companies under the bureau’s jurisdiction. “This could be an indication that the approach that will be taken is fair and reasonable with regard to companies who have robust compliance management systems and every indication of being in compliance,” Pompan said.