Goodwin Procter today announced the launch of Consumer Finance Enforcement Watch, a new firm blog that represents a first-of-its-kind resource for the consumer finance industry.
With the advent of the Consumer Financial Protection Bureau (CFPB), there has been an explosion of consumer finance-related enforcement activity at the federal and state level. The activity concerns a wide range of business practices and often reflects inter-agency coordination.
Against this backdrop, Goodwin Procter created the Consumer Finance Enforcement Watch blog – the marketplace’s first resource for real-time reporting on the full range of public federal and state consumer finance enforcement activity. The blog is designed to identify and briefly summarize new enforcement actions with immediacy and without the delay that would be necessary to provide more detailed analyses. By giving industry participants and watchers the headline and a high-level summary, the blog enables subscribers to keep abreast of activity as it happens. The blog also provides links to public enforcement documents, statistics on the volume and nature of enforcement actions, and reports and comments on significant enforcement trends and issues.
The blog intends to cover enforcement actions brought by the CFPB, Federal Reserve Board, Office of Comptroller Currency, Federal Deposit Insurance Corporation, Department of Justice, Federal Trade Commission, state attorneys general and key state financial services regulators concerning:
- Consumer financial products and services offered by depository and non-depository institutions, including the extension and servicing of mortgage, auto, credit card, student or other unsecured consumer credit; the taking and evaluation of consumer credit applications; consumer credit reporting; the offering of deposit products; the processing of payments by consumers; and the collection of consumer debt
- The enumerated consumer finance laws, including but not limited to, TILA, RESPA, FDCPA, FCRA, FACTA, FHA, ECOA, UDAP, UDAAP, along with state consumer protection laws
“The consumer finance industry has long recognized the importance of staying abreast of enforcement developments and trends. However, until we created Consumer Finance Enforcement Watch, the marketplace lacked a ‘one stop shop’ for real-time updates on news activity, ready access to documents and reports, and aggregate detail on relevant federal and state enforcement activity. We are pleased to meet that need and to offer industry participants and watchers an efficient, convenient and timely way to keep well-informed,” said Ben Saul, editor of Goodwin’s Consumer Finance Enforcement Watch blog.
The blog will be led by Goodwin Procter partner Ben Saul, and will feature content contributions from others in Goodwin’s Consumer Financial Services Litigation, Enforcement and Regulatory groups.