Consumer Financial Protection Bureau
Troutman Sanders CFPB Blog
The Troutman Sanders CFPB Team has launched its new
CFPB Report blog, which offers timely updates regarding the Bureau in order to inform you of recent changes, regulatory updates, and significant decisions that may impact your business. Sign-up for CFPB Report updates by
e-mail or at
www.CFPBReport.com.
Troutman Sanders has recently organized a new Team to monitor the development and activities of the Consumer Financial Protection Bureau that was created by Dodd-Frank Wall Street Reform and Consumer Protection Act. Entities likely to be targeted and regulated by the CFPB include:
- All lenders & loan servicers, including payday lenders, mortgage-related businesses and private student loan providers
- Loan acquirers, purchasers and sellers
- Check cashers, check collecting and check guaranty services
- Payment processors
- Providers of credit counseling, debt management and debt settlement services
- Consumer and credit reporting services
- Debt collectors
- Real estate settlement service providers
- Appraisers
- Deposit taking institutions
- Money transmitters or exchangers
- Providers of stored value or payment instruments
The Team will focus on how the new stand alone, independent federal agency will regulate consumer financial products and services in compliance with federal law. Special Advisor to the Secretary of the Treasury, Elizabeth Warren, has publicly stated that the Bureau will use State AGs as their primary enforcement agents – making this a natural extension for our firm’s State Attorneys General practice. Combined with our firm’s Financial Services Litigation and Financial Institutions practice areas, this new Troutman Sanders Team is well-positioned to provide unique value to clients governed by the CFPB.
Dodd-Frank vests primary rulemaking and enforcement in the CFPB for eighteen federal consumer protection laws.