Dodd-Frank & The Consumer Financial Protection Bureau

Offering clients compliance advice and representation in CFPB investigations and enforcement proceedings.

Why Latham

In the wake of the creation and establishment of the Consumer Financial Protection Bureau (CFPB) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), Latham & Watkins' Financial Institutions Industry Group has assembled the CFPB Task Force.

Comprised of a diverse and experienced team of lawyers, the CFPB team offers clients compliance advice as well as representation in CFPB investigations and enforcement proceedings.

  • Regulatory Compliance: Latham’s CFPB lawyers have extensive experience advising clients regarding the scope of the CFPB’s jurisdiction and authority under the Dodd-Frank Act, as well as the consumer financial protection statutes that were transferred to CFPB authority under the Dodd-Frank Act. Latham attorneys also partner with clients to create compliance programs designed to address the evolving supervisory expectations of the CFPB.
  • Enforcement: Latham’s CFPB lawyers have extensive experience in CFPB enforcement proceedings, including all phases of CFPB investigations — from responding to Civil Investigative Demands (CIDs) and meeting with CFPB staff to negotiate their scope; filing Petitions to Set Aside CIDs; representing individuals called to testify at investigative hearings; the CFPB’s Notice and Opportunity to Respond and Advise (NORA) process; and related enforcement proceedings for both banks and nonbanks.

Latham is at the forefront of developments with the newly established agency — in fact, Latham filed one of the first petitions to set aside a Civil Investigative Demand issued by the CFPB. Clients consistently rely on the firm when new regulations or guidance effects their day-to-day operations. The firm also has represented bank and non-bank clients, e.g., telecommunications companies and career education institutions, before the bureau in CID investigations by the CFPB’s enforcement division.

Information is Key

Latham’s first-hand familiarity with both well-established and developing US financial regulations provides clients with a guide through this new legal landscape.

Facing an investigation by the CFPB can be daunting. Many questions arise when a civil investigation demand (CID) has been served. Based on the discussions with clients, Latham's lawyers have developed a high-level overview of the deadlines and key considerations that will help affected companies plan and respond to a CID from the CFPB.

Awards & Rankings

  • Latham Named to BTI CyberSavvy 16 - March 25, 2020
  • Latham Named White Collar Group of the Year - February 04, 2020
  • Latham Among 2019 Firms of the Year - January 12, 2020
  • Latham Ranks High Among Law Firms Securing the Most Public FCPA Declinations by the DOJ - December 17, 2019
  • Three New York Partners Named Notable Women in Law by Crain’s - December 17, 2019

Events

Webcast – Trade Secrets Unlocked: How In-House Lawyers Can Litigate to Win (and Stay Sane)ABA Derivatives & Futures Law Committee Winter Meeting10th Annual New York Forum on Economic Sanctions

Media Coverage

Latham Snags Williams & Connolly Litigator in DCFintech Could See Adoption Bump After Outbreak Eases16 Firms Score GCs' Praise For Cyber Savviness

News

Latham Adds Prominent Partner in Washington, D.C.Firm Advises on US$1.39 Billion IPO by SBI Cards and Payment ServicesLatham Named to BTI CyberSavvy 16

Thought Leadership

COVID-19: PRA Welcomes Suspension of Dividends, Share Buybacks, and Cash BonusesCOVID-19: FCA Dear CEO Letter to Firms Providing Services to Retail InvestorsFCA and PRA Statement on SM&CR and COVID-19: Expectations of Dual-Regulated Firms

Webcasts & Podcasts

Small Business Loans Under the CARES Act: What You Need to KnowCARES Act: What Businesses Should KnowTrade Secrets Unlocked: How In-House Lawyers Can Litigate to Win (and Stay Sane)