Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) is charged with enforcing the nation’s federal consumer financial laws. The CFPB also makes new rules governing consumer financial products and services and supervises the businesses that deliver such products and services. The agency has been ramping up its capabilities since opening its doors in July 2011 and is expected to become an extremely active regulator in the consumer financial landscape.
Loeb & Loeb’s Consumer Financial Protection Bureau Task Force is composed of experienced litigators and trial attorneys who defend investigations and enforcement actions alleging violations of consumer protection and unfair competition laws, including consumer financial laws. Our goal is to provide clients with efficient, cost-effective representation in complex consumer-related litigation encompassing a diverse range of legal areas. We strive to keep our clients “off the radar” by training them to prepare for and defend claims and investigations before they arise. For those clients who engage us after litigation has already been filed, we focus on the economics of litigation and endeavor to develop defense strategies that maximize business objectives while capturing and implementing the valuable lessons that can be derived from every litigation or investigation.
Our unique counseling style stems from our litigation orientation. We not only advise clients regarding substantive regulatory requirements, but also prepare them for litigation before it happens. Our counseling services include reviewing advertising and marketing materials; consumer agreements; developing policies and procedures regarding due diligence, marketing substantiation, data preservation, consumer privacy, staff and affiliate training, testing and correction; and customer satisfaction monitoring and complaint response. We advise clients on creating “secret shopper” protocols and, in keeping with our litigation orientation, we help clients structure business operations to enable immediate access to evidence needed to respond to relevant regulatory inquiries and consumer protection litigation.