slide1
Download
Skip this Video
Download Presentation
THE CONSUMER FINANCIAL PROTECTION BUREAU: The Financial Industry’s New Watchdog

Loading in 2 Seconds...

play fullscreen
1 / 11

THE CONSUMER FINANCIAL PROTECTION BUREAU: The Financial Industry’s New Watchdog - PowerPoint PPT Presentation


  • 140 Views
  • Uploaded on

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.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' THE CONSUMER FINANCIAL PROTECTION BUREAU: The Financial Industry’s New Watchdog' - elin


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

THE CONSUMER FINANCIAL PROTECTION BUREAU:

The Financial Industry’s New Watchdog

PRESENTATION BY: Michelle Cohen

Member, Ifrah PLLC

slide2

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

slide3

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

slide4

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

slide5

Who Is Subject to CFPB?

FINANCIAL INSTITUTIONS

NON-BANK “LARGER PARTICIPANTS”

NON-BANK COVERED PERSONS

“SUPERVISED SERVICE PROVIDER”

slide6

How Does CFPB Coordinate With FTC?

Memorandum of Understanding

slide7

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

slide9

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

slide10

Future Predictions – What’s Next?

High Profile Targets

Broad Powers, Broad Enforcement

ad