Business Law

Business Law News 2015, Issue 3

The Consumer Financial Protection Bureau’s Enforcement Activities: 2014 Year In Review

Jennifer A. Duncan and Alicia H. Tortarolo

Jennifer Duncan is the General Counsel at ResortCom International LLC, a company that provides financial services to the global hospitality industry. Jennifer currently serves as the Secretary of the Consumer Financial Services Committee of the Business Law Section of the California State Bar. She attended law school at the University of Utah.

Alicia Tortarolo is a partner of Hudson Cook, LLP and Vice-Chair of Communications, BLS Consumer Financial Services Committee. Alicia advises clients on a wide range of consumer financial services and data privacy-related matters. She serves as State Editor for CAR LAW® and Co-Editor in Chief for Privacy Lawf®, which are legal reporting services offered by CounselorLibrary.com.

Since the Consumer Financial Protection Bureau ("CFPB" or the "Bureau") opened its doors in July 2011—exactly one year after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act")1—the CFPB has expanded its reach into nearly all facets of the consumer financial services industry. The CFPB has supervisory authority over banks and credit unions with total assets of more than $10 million, as well as non-bank entities in the following markets: mortgages, payday lending and private education lending. Additionally, the Dodd-Frank Act conferred upon the CFPB the authority to supervise "larger participants" in other non-bank markets.2

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