News & Events

Partner Keith Noreika was quoted in an International Financial Law Review (IFLR) article titled “Business as Usual at CFPB Despite Mulvaney Threats.” The piece discusses how the Consumer Financial Protection Bureau (CFPB) is continuing to prosecute bad actors in much the same way as it did before Acting Director Mick Mulvaney took over from Richard Cordray. In addition, the substance of those actions and the types of claims that are being made has remained the same. The article also addresses a suggested change of giving more clarity to the market place by defining what is abusive practice.

"The Republican administration is putting out rules defining what abusive practice is under Dodd-Frank," said Keith "One of the key things that the CFPB (or the Bureau of Consumer Financial Protection (BCFP)) can regulate is barring unfair deceptive and abusive practices, so that section is an additional authority that traditionally hasn’t been part of the US legal landscape, and only in the past have unfair and deceptive not abusive."

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