3The Consumer Financial Protection Bureau (CFPB) turns 3 on Monday, July 21, 2014.   Created under Dodd-Frank, the CFPB already has made a significant impact on the consumer protection legal landscape and, more specifically, on how consumer financial services providers advertise and market their services.  Nevertheless, the CFPB’s track record continues to be controversial, despite the expected press releases and reports relating to the upcoming anniversary, which already include an announcement of an expanded consumer complaint portal (Wednesday, July 17), and a field hearing on Thursday morning.

Many industry groups and companies view the CFPB’s regulation and enforcement of consumer financial protection laws as more aggressive and results driven than other federal and state regulators that historically covered (and in some cases continue to cover) many of the same activities and statutes.  For example, through its examinations, multiple settlements, and enforcement lawsuits, the CFPB appears committed to taking a broad view of what’s considered an unfair, deceptive or abusive act or practice.  As a result, the CFPB has taken pro-consumer regulation to an entirely different level through supervision and examinations of banks and companies in nonbank markets such as mortgage, small dollar loans, private student loans, debt collection, and credit reporting, which had previously been unsupervised.  On top of this all, the CFPB’s activities have been a catalyst for other agencies to step-up their own regulatory activities, both on their own and in joint actions such as the settlements reached with banks on credit card marketing and investigatory sweeps with the FTC.

On Monday, July 21, join members of Venable’s CFPB Task Force for a panel discussion that will examine both the CFPB’s history and future, and will include case studies and trivia.  We’ll discuss the formation of the CFPB; the use of its supervision, enforcement, and rulemaking authorities since it began operations in 2011; and what’s on the horizon.  Click to register for “The CFPB at Year Three: A Look Back, and a Look Forward.”  

*To celebrate the CFPB’s birthday, CLE credit is available for this program.

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Alexandra Megaris

Alex Megaris focuses on complex regulatory investigations and government enforcement matters involving state attorneys general, the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), state regulatory agencies, and the U.S. Congress. Alex also works closely with Venable’s government affairs team in…

Alex Megaris focuses on complex regulatory investigations and government enforcement matters involving state attorneys general, the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), state regulatory agencies, and the U.S. Congress. Alex also works closely with Venable’s government affairs team in advocating for clients before these agencies. She has extensive experience with consumer protection laws, such as state unfair, deceptive and abusive practices (UDAAP) laws, the FTC Act, the Consumer Financial Protection Act, the FTC’s Telemarketing Sales Rule, and product-specific regulations, including those regulating credit reporting, loan servicing, and debt collection.

Jonathan L. Pompan

Jonathan Pompan is co-chair of the firm’s Consumer Financial Services Practice Group and Consumer Financial Protection Bureau (CFPB) Task Force. Jonathan’s practice focuses on providing comprehensive legal advice and regulatory advocacy to a broad spectrum of clients, such as nonbank financial products and…

Jonathan Pompan is co-chair of the firm’s Consumer Financial Services Practice Group and Consumer Financial Protection Bureau (CFPB) Task Force. Jonathan’s practice focuses on providing comprehensive legal advice and regulatory advocacy to a broad spectrum of clients, such as nonbank financial products and services providers, advertisers and marketers, and trade and professional associations, before the CFPB, the Federal Trade Commission (FTC), state attorneys general, and regulatory agencies. At a time when government consumer protection agencies are stepping up their scrutiny, Jonathan develops strong and lasting relationships with clients by understanding their business objectives, helping them recognize opportunities and avoid legal pitfalls.