D.C. Bar hosts presentation on CFPB enforcement priorities


The District of Columbia Bar recently hosted a presentation on CFPB enforcement priorities. The sole speaker was Mr. Hunter Wiggins, Deputy Enforcement Director of Policy and Strategy of the CFPB’s Supervision, Enforcement & Fair Lending Division. Mr. Wiggins outlined the structure of the enforcement policy and strategy group, and offered some insight into the factors considered in directing enforcement strategy. According to Mr. Wiggins, the following seven factors are considered for prioritizing enforcement efforts: (i) the number of victims or size of harm; (ii) the duration of the harm to consumers; (iii) whether the activity targets vulnerable consumers; (iv) whether consumers have the ability to effectively shop for better products; (v) whether the activity results in any market distortions; (vi) whether there are any existing hurdles to regulatory enforcement over the activity; and (vii) whether market conditions encourage harmful activity by industry participants. Mr. Wiggins also stated that about half of his group’s efforts focus on the core enforcement areas, such as fair lending, credit cards, and mortgages. The rest of their time is focused on certain emphasized priorities, such as credit card add-on products (25% – 35% of the group’s focus), and emerging or cross-cutting priorities (10% – 15% of the group’s focus).

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.