July 21, 2016

On the CFPB's Fifth Anniversary, a Refresher

3 min

It's hard to believe that the Consumer Financial Protection Bureau (CFPB), which takes credit for over $11.7 billion in consumer redress to more than 27 million consumers, is already five years old today. The government agency opened for business on July 21, 2011.

The CFPB was billed by many as the "new sheriff in town" – it took over powers from the Federal Trade Commission (FTC) and federal banking agencies, and covers nearly the entire range of consumer financial products and services, including mortgages and debt collection.

Because of its broad legal authority and a nonlinear approach to regulation that makes use of enforcement and supervisory exams that often target the biggest participants, the CFPB quickly emerged as a significant source of oversight and regulation of consumer financial services. Even the most compliant consumer financial services companies have had to demonstrate that they meet the CFPB's expectations and respond to scrutiny.

In addition to understanding new rules and responding to investigations, examinations, and consumer complaints, consumer financial service providers have had to enhance their compliance management systems and, in some markets, understand new rules. To meet these new demands, members of Venable's CFPB Task Force have been helping clients navigate the challenges and opportunities posed by the CFPB's activities since before it opened for business.

Our team has amassed hundreds of legal articles, presentations, and recorded webinars on consumer financial services. Below is a small sample of our most interesting and useful materials your company can use to tackle the always challenging legal issues facing consumer financial services providers.

Enforcement and Examinations

Regulatory Developments

Political Law Developments

Advertising and Marketing

FCRA/Data Furnishing



Compliance Management Systems

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For the complete index of all of Venable's articles and presentations on the CFPB and related topics, click here.