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
- CFPB Enforcement Settlement Principles Revealed
- What to Expect When You're Under a CFPB Investigation – Negotiating the Scope of the CID
- CFPB Forays into Data Security – No Breach Required
- CFPB Targets Student Debt Relief
- CFPB Expands Foray into Indirect Auto Lending Enforcement
- Continued CFPB Focus on Credit Card Add-on Products Yields $3 Million Penalty and Enhanced Board Oversight
- The FTC and CFPB Are Coordinating, but How Closely?
- What to Know about CFPB Supervision and Examination
- The Evolving Legal and Regulatory Landscape for Debt Collection
- Small-Dollar Loan Proposed Rule FAQs
- CFPB Issues Proposed Rule to Mandate the End of Mandatory Arbitration Clauses
- FinTech and Marketplace Lenders Under Scrutiny
- The CFPB Issues a Final Policy Statement on No-Action Letters for Innovative Products
- CFPB Report and Joint Statement of Principles for Student Loan Servicing Presage Potential Rulemaking Activity
- No Laughing Matter - Stewart, Colbert, and Cordray?
- Venable CFPB Task Force Monthly Digests
Political Law Developments
Advertising and Marketing
- Government Puts Squeeze on Lead Generation Marketing
- Navigating a Path to Self-Regulation: Strategies to Bring to Lead Generation
- CFPB "Sweep" of Misleading Advertising
- CFPB Warns Data Furnishers on Reasonableness of Written Policies and Procedures: First Compliance Bulletin of the Year
- Minimizing Legal and Compliance Risk for Credit Furnishers
- Federal-State Operation Collection Protection Announced
- CFPB Bulletin on Preauthorized Electronic Fund Transfers
- FTC Amends Telemarketing Sales Rule: Amendments Include a Ban on the Use of Certain Payment Mechanisms in Telemarketing and Clarification on Existing Provisions, Including the Business-to-Business Call Exemption
- Don't Risk It! Merchant Billing and Compliance with the Risk-Based Pricing Rule
- The CFPB Renews Enforcement Emphasis on the Loan Originator Compensation Rule
- CFPB Monthly Complaint Snapshot – Month of Mortgages
- CFPB Issues a "Warning for All Those in the Mortgage Market" Through Action Taken Against Big Banks
- CFPB Director Richard Cordray Announces "Know Before You Owe" Mortgage Initiative
- CFPB Makes Final Modifications to Mortgage Rules
- CFPB Targets Service Provider in Real Estate Kickback Enforcement Action
- Lessons from the CFPB's First Mortgage Servicer Rule Enforcement Action
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.