Drive Time Settlement Is A Sign Of The Times For CFPB
Richmond partner Alan Wingfield, of counsel Paige Fitzgerald and associate Nick Klaiber had their article,“ Drive Time Settlement Is A Sign Of The Times For CFPB,”published December 12 on Law360. The article examines the recent settlement by Drive Time and discusses how the settlement is a warning that financial services entities need to recalibrate their compliance efforts to the new and increasing risk environment, particularly in credit reporting and debt collection.
“Not only is the CFPB stepping in to enforce existing laws where the civil remedies have been curbed, but it is also applying consumer protection principles broadly to consumer financial services companies of all types,” they wrote.