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THE CONSUMER FINANCIAL PROTECTION BUREAU: The Financial Industry’s New Watchdog. PRESENTATION BY: Michelle Cohen Member, Ifrah PLLC. What is the CFPB?. New Agency Created By Congress Under Dodd-Frank Wall Street Reform and Consumer Protection Act.

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THE CONSUMER FINANCIAL PROTECTION BUREAU:

The Financial Industry’s New Watchdog

PRESENTATION BY: Michelle Cohen

Member, Ifrah PLLC


What is the CFPB?

New Agency Created By Congress Under Dodd-Frank Wall Street Reform and Consumer Protection Act

Independent Agency With Broad Authority To Implement And Enforce Federal Consumer Financial Law

Collaborative Agency With Shared Responsibilities with FTC


What Are The CFPB’S Objectives?

Conduct Rule-Making, Supervision, And Enforcement For Federal Consumer Protection Laws

Restrict Unfair, Deceptive, Or Abusive Acts Or Practices

Take Consumer Complaints

Promote Financial Education

Research Consumer Behavior

Monitor Financial Markets For New Risks To Consumers

Enforce Laws That Outlaw Discrimination And Other Unfair Treatment In Consumer Finance


What Does The CFPB Enforce? –

Unfair, Deceptive, or Abusive Acts or Practices

FINANCIAL LAWS

Truth In Lending Act

Fair Debt Collection Practices Act

FTC RULES

Telemarketing Sales Rule

Mail Or Telephone Order Merchandising Rule

Franchising and Business Opportunities Rules


Who Is Subject to CFPB?

FINANCIAL INSTITUTIONS

NON-BANK “LARGER PARTICIPANTS”

NON-BANK COVERED PERSONS

“SUPERVISED SERVICE PROVIDER”


How Does CFPB Coordinate With FTC?

Memorandum of Understanding


What Actions Has CFPB Taken Thus Far?

“Know Before You Owe” Project

QuinStreet, Inc.

Prepaid Card Initiative

Banning Mortgage Fees

Subpoenas/Investigations/Collaboration With State Attorney Generals



What Remedies Are Available to CFPB?

Rescission/Reformation

Payment of Damages

Refund/Return

Public Notification

Limits on Activities

Restitution

Disgorgement/

Compensation

Civil Monetary Penalties

No Criminal Enforcement Authority – Refer to DOJ


Future Predictions – What’s Next?

High Profile Targets

Broad Powers, Broad Enforcement



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