CFPB’s Reach Extends to ‘Larger Participants’ and Beyond
Financial Services Litigation practice group co-leader and Richmond partner David Anthony, Richmond partner Alan Wingfield and Richmond associates Virginia Bell Flynn and H. Scott Kelly had their article, “CFPB’s Reach Extends to ‘Larger Participants’ and Beyond,” published on Law360.
“On Oct. 24, 2012, the Consumer Financial Protection Bureau issued its second ‘larger participant rule’ announcing which debt collectors, debt buyers and collection law firms are subject to its examination and enforcement power. The new programs mark the first time that companies in these industries will be subject to examination by a federal regulator. Previously, on July 20, 2012, the bureau had published its rule defining larger participants in the consumer reporting industry,” the quartet stated in their opening paragraph.
To read the article in full, visit here.