Banks and other financial services firms face a more sure-footed Consumer Financial Protection Bureau that has weathered constitutional challenges, leadership changes, and political sniping in its first decade. The CFPB marks its 10th anniversary Wednesday, capping a tumultuous period in which it established landmark mortgage rules after the financial crisis, attempted to regulate payday lenders, and collected $14 billion from enforcement actions — all while fending off legislative and legal attempts to curb or even eliminate the agency. Allison Schoenthal, co-chair of Goodwin’s Banking and Consumer Financial Services practice and New York head of the firm’s Consumer Financial Services Litigation practice, cited one of the CFPB’s biggest accomplishments being the fact that it’s still alive and kicking today. Read the Bloomberg Law article here.
In The Press July 21, 2021