The Consumer Financial Protection Bureau (CFPB) is led by Richard Cordray, the former Attorney General of Ohio. The CFPB utilizes its supervisory, examination and enforcement powers to regulate the conduct of banks and non-banks.
In response to our clients' concerns, Troutman Sanders has identified lawyers within the firm who, independently and collectively, have the specific experience and legal skills necessary to handle CFPB issues. Members of our team practice law in two primary areas of our firm, Consumer Financial Services and Financial Institutions. Both practices serve the same clients, yet focus their legal services in two separate areas: banks (Financial Institutions) and non-banks (Consumer Financial Services).
Consumer Financial Services
At Troutman Sanders, our Consumer Financial Services lawyers work collaboratively with non-bank financial services clients in the areas of regulatory compliance, complex commercial and class action litigation, and government enforcement actions. Our lawyers can identify and customize a strategic plan of action to address issues presented by the CFPB including Bureau supervision, audits, and negotiation of MOUs and Consent Judgments following Bureau examinations and enforcement actions.
State Attorneys General Investigations
Troutman Sanders' State Attorneys General practice, led by Ashley Taylor and Siran Faulders, has experience in joint enforcement actions including both the CFPB and State Attorneys General. Learn more about our State Attorneys General practice, including our team of lawyers and our depth of experience.
Financial Services Litigation
Government enforcement and state attorneys general proceedings often morph into threatened or actual litigation with governmental entities or private parties. Our Financial Services Litigation practice, led by David Anthony and John Lynch, includes lawyers with years of experience handling thousands of complex and class action litigation for a wide array of consumer financial services businesses across the country. With the growing scope of federal regulation and the expansive power of the CFPB, financial services businesses need experienced and practical lawyers with consumer financial services trial expertise.
Troutman Sanders’ Regulatory Compliance practice is one facet of the firm’s Consumer Financial Services group, our multidisciplinary team of lawyers who work routinely with consumer-facing companies in managing risk. Through our collaboration and with regard to the CFPB, we can provide a seamless approach to identifying and addressing a company's overall compliance risks, whether such risks require comprehensive compliance counseling, confronting state and federal regulators, or handling litigation, including class actions. We understand that regulatory compliance is among the top concerns of the financial services industry. Furthermore, consumer protection laws have never before posed as many risks and burdens as they do today. As such, businesses in the financial industry not only need a team of experienced regulatory compliance lawyers, but also a team of consumer financial services lawyers who can help them prepare for other unforeseen legal matters ahead.
The CFPB is affecting every financial institution in America. Troutman Sanders has a long history of representing financial institutions through multiple economic cycles, including expansions and contractions. Throughout this time, we have advised clients on emerging regulatory difficulties and have handled high-level regulatory negotiations at hearings and in formal and informal proceedings.
In recent years, federal and state legislative and regulatory actions — including the formation of the CFPB and the expanded powers granted to the Federal Reserve Board — have extended the broad scope of bank compliance and supervision. Our Financial Institutions group includes lawyers with extensive prior government service with federal and state regulatory authorities, enabling us to reach key policymakers and investigators within federal and state government. Additionally, our group has substantial experience in mergers and acquisitions, capital formation, public offerings, securities reporting, corporate governance, and many other areas. We focus on current trends while ensuring we provide timely and specific counsel to help clients with their most important decisions.