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
Truth In Lending Act
Fair Debt Collection Practices Act
Telemarketing Sales Rule
Mail Or Telephone Order Merchandising Rule
Franchising and Business Opportunities Rules
Who Is Subject to CFPB?
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
Prepaid Card Initiative
Banning Mortgage Fees
Subpoenas/Investigations/Collaboration With State Attorney Generals
Case Study – Capital One
What Remedies Are Available to CFPB?
Payment of Damages
Limits on Activities
Civil Monetary Penalties
No Criminal Enforcement Authority – Refer to DOJ
Future Predictions – What’s Next?
High Profile Targets
Broad Powers, Broad Enforcement