Mayer Brown lawyers have substantial experience counseling and representing bank and non-bank consumer financial services providers in a wide variety of matters involving the Consumer Financial Protection Bureau (CFPB). Our extensive experience working in the regulatory, enforcement, litigation and public policy arena, coupled with our lawyers’ specific experience working at, and appearing before, the CFPB, render us uniquely qualified to help banks, finance companies, marketplace lenders, servicers, retailers and others subject to the CFPB’s jurisdiction navigate the CFPB’s rules, bulletins, examinations and enforcement actions, as well as related private litigation.
Our team of lawyers, including a former deputy enforcement director from the CFPB, is well positioned to help clients:
- Understand their obligations pursuant to the various federal consumer financial laws the CFPB implements and enforces, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act’s) prohibition on unfair, deceptive and abusive acts and practices (UDAAP)
- Adapt to new regulations and other informal guidance issued by the CFPB
- Prepare for CFPB examinations and respond to Potential Action and Request for Response (PARR) letters
- Respond to CFPB enforcement investigations, including responding to civil investigatory demands (CIDs), advocating before the agency, negotiating settlements or litigating as necessary
- Pursue no-action letters from the CFPB
- Defend against follow-on private litigation, including class actions
- Shape regulatory and legislative policy through advocacy before the CFPB, other key regulatory agencies and key congressional committees and offices
We provide sophisticated advice and practical guidance on the full array of federal and state laws governing consumer financial services. This advice covers the design of innovative products and services, delivery methods, advertising, telemarketing, licensing, origination, servicing, privacy and the significant challenges presented to all consumer financial services providers by the CFPB’s UDAAP authority.
Examinations, Investigations and Enforcement
Our lawyers have extensive experience counseling clients facing supervisory examinations or enforcement investigations by the CFPB. Our experience includes assisting companies in preparing for CFPB examinations, responding to supervisory requests for information, responding to PARR letters indicating that enforcement action is possible and implementing corrective actions. We also have substantial experience representing a broad array of companies in all aspects of CFPB investigations, including responding to CIDs, preparing for testimony, advocating before the agency, preparing Notice and Opportunity to Respond and Advise (NORA) responses and negotiating favorable settlements.
Mayer Brown’s lawyers have defended hundreds of consumer class actions in federal and state courts relating to financial services—including many that have been prompted by or relate to governmental investigations. We frequently defeat these lawsuits by achieving early dismissals or summary judgments. We have successfully opposed class certification and have tried such cases to verdict.
Mayer Brown’s Government Relations & Public Law practice contains a number of high-profile former government officials. Our lawyers and lobbyists were closely engaged in the legislative debate around the Dodd-Frank Act and subsequently have helped clients advance a variety of priority issues and concerns through regulatory comment letters, congressional testimony and timely advocacy in both formal and informal processes.
We have a proven track record of helping companies minimize legal, regulatory and reputational risks. When necessary, we vigorously defend our clients’ interests in regulatory enforcement actions and private litigation.