CFPB Examinations and Investigations: Defense Strategies and Best Practices

CFPB Examinations and Investigations: Defense Strategies and Best Practices

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In this Practical Law Journal cover feature, Michael Gordon, Franca Harris Gutierrez and Bradford Hardin address new challenges for entities that provide consumer financial products and services as a result of the CFPB's recent pursuit of examinations and enforcement actions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) overhauled the financial regulatory system and created the Consumer Financial Protection Bureau (CFPB or Bureau) as an independent arm of the Federal Reserve System. In addition to consolidating powers previously shared by several agencies, the Dodd-Frank Act gave the CFPB authority to enforce consumer financial laws against any entity that offers or assists in offering or selling a consumer financial product or service.

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