THURSDAY, MAY 4, 2017
Out recent blog about the Consumer Financial Protection Bureau (CFPB) stated that a number of law firms were being contacted about violating consumer protection laws. Many had signed consent decrees costing this hundreds of thousands of dollars or more. Normally there is no insurance coverage for Law Firms accused of these misdeeds.
The CFPB currently has broad enforcement powers. According to the National Law Journal article part of a new bill may drastically change the independence and authority of the CFPB and change its name to the "Consumer Law Enforcement Agency". Hearings on the 600 page Financial Choice Act have started before the House Financial Services Committee.
Should be interesting to see how this plays out over the next few months.
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