Consumer Financial Protection Bureau
BuckleySandler has an industry-leading CFPB practice with more than 40 partners and counsel who have advised on CFPB regulatory, examination, and enforcement matters. We have assisted clients in more than 30 examinations, investigations, and enforcement actions in the past 12 months alone. In addition, we frequently represent clients in connection with CFPB supervision preparedness and matters pertaining to compliance with CFPB rulemakings and regulatory expectations.
With an unmatched combination of attorneys with decades of financial services experience, BuckleySandler is well positioned to guide companies in this new regulatory environment. Our experience handling financial services matters at the intersection of consumer protection and government regulation has prepared us with the knowledge and resources to provide sound advice and service to our clients on issues related to the CFPB. From compliance counseling to enforcement, BuckleySandler has been handling precedent-setting CFPB matters since the Bureau was established in 2011 — experiences which enable our attorneys to provide insight and advice on current and emerging CFPB developments, trends, and expectations. Our recent matters have included:
- Representing a major US bank in one of the first CFPB enforcement settlements
- Representing more than two dozen institutions in CFPB examinations and/or investigations, involving areas that include credit cards, payday loans, deposit advance lending, mortgage origination and servicing, student lending, automobile financing, manufactured housing, credit reporting, debt collection, and ancillary (“add-on”) products
- Conducting gap analyses, risk assessments, and mock CFPB audits to help clients prepare for examinations and identify opportunities for program enhancements, including, for example, UDAAP risk reviews and vendor management compliance reviews
- Assisting financial institutions with the development of policies, procedures, and programs to address regulatory expectations, including for example, enterprise-wide compliance management programs, consumer complaint management systems, vendor and third-party management processes, and programs focusing on enhancing fair and responsible corporate conduct consistent with consumer protection laws such as UDAAP
BuckleySandler’s attorneys have decades of experience with consumer financial protection laws and understand the regulatory challenges facing the financial services industry. We help clients build regulatory relationship management skills which are key to minimizing financial, legal, and reputational risk in today’s supercharged supervisory environment. We also provide counsel to clients challenged with balancing the evolving supervisory expectations of the CFPB with those of the prudential regulators. Our holistic approach to counseling and compliance also includes development of best practices for achieving and maintaining enterprise-wide cultures of compliance within a company. Several of our attorneys served as government regulators before transitioning to private practice, including Ben Olson, the former Deputy Assistant Director for the Office of Regulations at the CFPB, who supervised the preparation of the CFPB’s rules and provided guidance to the CFPB’s supervision and enforcement staff on the interpretation and application of consumer financial protection laws.
Enforcement and Litigation
BuckleySandler’s attorneys include many of the most seasoned consumer financial services defense lawyers in the United States – lawyers who have been representing financial institutions in matters brought by government regulators and private litigants for decades. Our attorneys have extensive experience handling government enforcement proceedings, including handling CFPB Civil Investigative Demands (CIDs) and related enforcement proceedings for both banks and nonbanks. From negotiating the scope of CIDs to defending against enforcement actions, BuckleySandler has provided counsel to numerous institutions in CFPB actions. Our experience also includes helping institutions navigate parallel proceedings, such as private litigation or enforcement actions by state and other federal regulators. BuckleySandler also has filed amicus, or friend-of-the-court, briefs on behalf of individual clients and trade groups in closely watched consumer protection cases in which the CFPB also has expressed its views.
Industry Leading Advice
BuckleySandler attorneys are thought leaders in matters relating to CFPB policy, supervision, and enforcement. Our attorneys are widely published on emerging legal and regulatory developments as well as decisions and proceedings of the CFPB and other financial supervisory agencies. In the past 12 months, BuckleySandler attorneys have published more than a dozen articles discussing the CFPB. Issues covered include civil investigative demands (CIDs), student lending, the mortgage lending rules, and vendor management.
The Firm distributes a free weekly electronic newsletter on financial regulatory issues (InfoBytes), publishes the InfoBytes Blog, and maintains a CFPB Resource Center. BuckleySandler attorneys also are frequent speakers on consumer financial regulation and related subjects.