Dodd-Frank and the CFPB: confounding and watchful
Virginia Beach partner and Financial Services Litigation practice group co-leader John Lynch was mentioned in two articles in August – both dealing with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
(Sen. Chris Dodd on left, Rep. Barney Frank on right)
In an August 1 Inside Business article titled “After a year, Dodd-Frank still confounds: Banking regulation law means more work for banks and for their lawyers,” Lynch stated:
“Bankers really don’t know how hard things are going to be enforced. This has all been a reaction to the mortgage crisis and the whole economic recession. They think that they are going to have to spend a lot more money on compliance.” He added that the CFPB was “broadening and strengthening their ability to police and punish banks.”
In an August 15 Law360 article titled “CFPB’s Watchful eye to Sharpen in Coming Months,” Lynch addressed the new enforcement power companies will face from the bureau:
“A lot of companies haven’t had to deal with attorneys general before, but now it will be increasingly important for these companies to have relationships with the more active attorneys generals in certain states who may be bringing CFPB enforcement actions.”