Dodd-Frank & The Consumer Financial Protection Bureau

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

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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.

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