July 06, 2015

ACA International quotes Jonathan Pompan and Alexandra Megaris on CFPB investigations and enforcement

1 min

Venable partner Jonathan L. Pompan and associate Alexandra Megaris were quoted in a July 6, 2015 ACA International article on Consumer Financial Protection Bureau (CFPB) investigations and enforcements. Pompan and Megaris will participate in a panel discussion at the 2015 ACA International Convention and Expo in Boston later this month.

"The CFPB's message is loud and clear," said Pompan. "While the rulemaking keeps getting pushed out further into the future, the Bureau continues to aggressively push its debt collection agenda through enforcement stemming from exams and investigations. If you look back at the last year, a significant—and increasing—number of the lawsuits and settlements the CFPB has filed involve debt collection practices."

"CFPB investigations and enforcement actions require focus at the highest levels of management," said Megaris.

Added Pompan, "Navigating scrutiny from the CFPB can seem daunting, but there are concrete steps companies can take before and during an inquiry to avoid sliding off track. The first step is having a response plan so that the company can effectively engage with enforcement attorneys and, at the same time, minimize the burden on everyone involved."