Watch Out: Your Competitors Can Now Make You the Target of a CFPB Investigation

Throughout its short history, the Consumer Financial Protection Bureau (“CFPB”) has asserted jurisdiction over various nontraditional consumer-related financial industries, from law firms to collection agencies and automobile dealerships. While the CFPB is still in the process of expanding its already extensive reach, it is now accepting referrals from a new source —Your Competitor.

The advertising industry has a self-regulating accountability program called the Online Interest-Based Advertising Accountability Program. The program conducts formal and informal investigations to follow the self-regulation principles set forth by the program.

Please see full alert below for more information.

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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.

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