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Why you should be concerned about the CFPB – Part 2
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In Part One of this two-part series, we explained why you need to keep an eye on the Consumer Financial Protection Bureau (CFPB). It has a long-reaching investigatory arm, and even if you think you are beyond its grasp, you might not be. If you do come under an investigation, the next concern is what an enforcement action could look like. In Part Two, we review the CFPB’s extensive enforcement powers.
One significant weapon the agency has in its arsenal is the ability to commence its own civil actions.
“The CFPB is a bureau, and it’s part of the Fed,” said Mitchel Kider, chairman and managing partner at Weiner Brodsky Kider PC, at October Research, LLC’s 2014 National Settlement Services Summit. “But in reality, it is about the most independent agency you are ever going to run into. They can bring cases in court or administratively in their own name with their own attorneys, and they don’t have to check with anyone else.”
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