Consumer Financial Protection Bureau (CFPB)
As a result of the creation of the Consumer Financial Services Bureau and the expansion of federal jurisdiction across the consumer financial marketplace, thousands of retail providers of consumer credit are now newly subject to expanded examination, supervision and enforcement.
Because Pillsbury’s financial services practice is so extensive, our firm has the broad range of experience to provide in-depth advice as the CFPB develops this new consumer regulatory and oversight system.
The CFPB—which functions as a stand-alone agency—has been given authority by Titles X and XIV of the Dodd-Frank Act:
- To examine a broad range of financial service providers
- To jointly examine and enforce consumer protection laws with the federal state and federal banking agencies and state attorneys general, and
- To issue regulations implementing virtually every federal consumer protection law (most of which were transferred to the CFPB by the Dodd-Frank Act).
Of particular importance, the CFPB has been given significant, expanded investigation and enforcement authority across the consumer financial services arena, which it has utilized in high-profile actions designed to signal to the financial services industry its clear intention to protect the interests of consumers.
Pillsbury has been at the forefront of monitoring developments at the CFPB, and the firm has taken a leading role among industry participants in analyzing and criticizing CFPB policy determinations and developments. Importantly, Pillsbury’s experience in the areas of examination, supervision, enforcement, and consumer credit enables it to provide valuable perspectives to its clients regarding what many news reporters have called “the new sheriff on the block.”