Trio of Richmond attorneys garner press on the CFPB
Financial Services Litigation co-practice group leader and Richmond partner David Anthony, Richmond partner Alan Wingfield and Richmond associate Virginia Bell Flynn had two of their articles appear in recent publications – the first one in BNA Securities Regulation & Law Report, and the second one on Law360.
The December 13, 2011, BNA article, “ The CFPB’s Authority to Regulate ‘Abusive’ Consumer Financial Products and Services” concludes: “At this time, more can be said with confidence about the process that the CFPB will go through in defining ‘abusive’ than what the actual definition will be. Because the CFPB will be, at least in the short term, complaint driven, businesses simply need to closely monitor ongoing rulemaking and enforcement activity for the indefinite future to learn the meaning of ‘abusive.’”
The January 6, 2012, Law360 article, “ Extending CFPB Supervision to Nonbanks,” stated that “one day after President Obama’s controversial recess appointment of Richard Cordray as the new director of the Consumer Financial Protection Bureau, triggering the CFPB’s full powers, the CFPB announced the implementation of a federal nonbank supervision program.” The trio’s article examines what those nonbanks are, supervision and standards they’ll be held to, and what they can expect in the near future.