the consumer financial protection bureau: the financial industry’s new watchdog presentation by:...
TRANSCRIPT
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THE CONSUMER FINANCIAL PROTECTION BUREAU:The Financial Industry’s New Watchdog
PRESENTATION BY: Michelle CohenMember, Ifrah PLLC
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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
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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
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What Does The CFPB Enforce? –Unfair, Deceptive, or Abusive Acts or
PracticesFINANCIAL 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
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Who Is Subject to CFPB?
FINANCIAL INSTITUTIONS
NON-BANK COVERED PERSONS
“SUPERVISED SERVICE PROVIDER”
NON-BANK “LARGER PARTICIPANTS”
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How Does CFPB Coordinate With FTC?
Memorandum of Understanding
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What Actions Has CFPB Taken Thus Far?
“Know Before You Owe” Project
QuinStreet, Inc.
Prepaid Card Initiative
Subpoenas/Investigations/Collaboration With State Attorney Generals
Banning Mortgage Fees
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Case Study – Capital One
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What Remedies Are Available to CFPB?
Rescission/Reformation
Refund/Return
Restitution
Disgorgement/Compensation
Payment of Damages
Public Notification
Limits on Activities
Civil Monetary Penalties
No Criminal Enforcement Authority – Refer to DOJ
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Future Predictions – What’s Next?
High Profile TargetsHigh Profile Targets
Broad Powers, Broad Enforcement
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Questions?