How the Financial CHOICE Act Would Roll Back the Powers of the CFPB and Ease Offerings of Consumer Financial Products and Services (MLB871B)

  Live Webinar
  60 minutes
  1:00 pm ET | 12:00 pm CT | 11:00 am MT | 10:00 am PT
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Major Changes to the Consumer Financial Protection Bureau’s Enforcement Authority Are On the Table

On June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act, which, if enacted, would rein in the Consumer Financial Protection Bureau (CFPB) by giving Congress control over its budget and funding; forcing the CFPB to bring regulatory actions in a court of law, if asked; and removing the CFPB’s authority with respect to enforcement actions involving unfair, deceptive and abusive acts and practices (UDAAP). The CFPB has been the most effective – and aggressive – federal regulatory agency we’ve seen in years. Its rules of the road have not always been clear, and many in the regulated community believe the agency has gone too far in bringing some enforcement actions. Enactment of the Financial CHOICE Act would significantly change how the CFPB enforces federal consumer financial protection laws, which would give some relief and more regulatory certainty to the regulated community.

This session with financial services attorney Chrys Lemon will provide a detailed, side-by-side comparison of what the CFPB can currently do and how the Financial CHOICE Act would change that. Chrys will discuss and respond to questions about how the Financial CHOICE Act will help regulated entities manage their regulatory risk and ease their compliance burden in offering financial products and services to consumers. This session will provide a better idea of what changes to the CFPB are possible, and when they might occur.

Session Highlights

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Presenter

Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti... More info

 


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