Dodd-Frank & The Consumer Financial Protection Bureau

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

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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