Consumer Financial Protection Bureau Hub
“Last week, the CFPB issued orders to dominant firms… to shed light on their payment systems. The orders seek information on how firms harvest, track, and monetize data about our spending habits. We are also seeking to understand the specific criteria that firms use to approve and to kick off payment system participants.” – Excerpt from Opening Statement of Director Rohit Chopra before the House Committee on Financial Services, October 28, 2021
Rohit Chopra, the new Director of the Consumer Financial Protection Bureau (CFPB) as of September 30, 2021, is already making waves. In his Opening Statement before the House Committee on Financial Services, Chopra outlined just a fraction of what we can expect the CFPB to be focused on going forward.
Given Chopra’s appointment and subsequent announcements around the Bureau’s priorities, we anticipate that there will be a flurry of regulatory activity in the coming months. Goodwin’s Consumer Financial Industry practice created this CFPB Hub to serve as a resource for companies in the consumer financial services space as they navigate these developments.
Goodwin’s Financial Industry practice spans every financial industry segment. From transactional law to compliance to enforcement to litigation, more than 100 Financial Industry lawyers working from Boston, New York, Los Angeles, San Francisco, Washington, D.C., London, and Frankfurt offer a single point of counsel and experience across transactional, advisory and litigation matters.
With specific regard to our CFPB expertise, our practice is among the largest in the United States. We offer our clients a breadth of legal talent, experience and representation at all stages of the supervision and enforcement process and in contested litigation. Since its inception in 2011, our team has handled over 50 significant CFPB matters for some of the largest financial institutions in the U.S. In addition to having several former CFPB examiners on our team, the head of our Consumer Financial Services Enforcement practice at Goodwin, Tony Alexis, is also the former Assistant Director and Head of Enforcement for the CFPB.
Our Consumer Financial Services Enforcement practice is not limited to the CFPB. The matters we work on involve many different U.S. federal and state agencies and officials, including:
- Consumer Financial Protection Bureau (CFPB)
- Department of Justice (DOJ)
- Federal Trade Commission (FTC)
- Department of Housing and Urban Development (HUD)
- Federal and State Banking and Financial Services Regulatory Agencies, including the Office of Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Fed), and Federal Housing Finance Agency (FHFA)
- Office of Inspector General and U.S. Attorneys’ Offices
- State Attorneys General + District Attorneys