The Consumer Financial Protection Bureau: A New Regulatory World for Banks, Thrifts, Mortgage Lenders, Credit Card Companies, and Consumer Financial Service Companies - CLE, Continuing Legal Education - ALI
The Consumer Financial Protection Bureau:
A New Regulatory World for Banks, Thrifts, Mortgage Lenders, Credit Card Companies, and Consumer Financial Service Companies
  • New ALI-ABA Course of Study
    previously recorded on
  • Friday
  • January 20, 2012
  • Thomson Hall
  • New York, NY
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Shipped to you: Printed Coursebook

Available Online: | Coursebook

Why You Should Attend

Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), which, as of July 21, 2011, became the principal federal regulator of the consumer financial services industry. The statutory authority of the CFPB to regulate is extraordinarily broad, and includes the authority to examine large financial depository institutions and non-depository consumer financial entities, to engage in rulemaking for virtually all of the federal consumer protection statutes, and to exercise broad new enforcement powers to protect the American consumer.

This intensive new one-day course of study examines the scope of powers and authority of the CFPB, its organizational activities to date, the structuring of its operating divisions, and its likely interaction with other federal and state agencies charged with regulating the consumer financial marketplace.

Representatives of the CFPB, other government agencies, and private practitioners share their views of these and other emerging legal issues as the CFPB begins its operations.

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Planning Chairs

Lynne B. Barr, Goodwin Procter LLP, Boston (also on faculty)

Joseph T. Lynyak, III, Pillsbury Winthrop Shaw Pittman LLP, Los Angeles (also on faculty)

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Leonard N. Chanin, Assistant Director, Regulations, Consumer Financial Protection Bureau, Washington, D.C.

Jennifer Epperson, Legislative and Policy Counsel, North Carolina Department of Justice, Raleigh-Durham

Nessa E. Feddis, Vice President and Senior Counsel, Financial Institutions Policy and Regulatory Affairs Group, American Bankers Association, Washington, D.C.; President, American College of Consumer Financial Services Lawyers

Thomas M. Hefferon, Goodwin Procter LLP, Washington, D.C.

Timothy J. Heine, Senior Vice President/Managing Counsel, American Express Co., New York

Alan S. Kaplinsky, Ballard Spahr, LLP, Philadelphia

Margaret Liu, Senior Vice President and Deputy General Counsel, Conference of State Bank Supervisors, Washington, D.C.

Ken Markison, Associate Vice President and Regulatory Counsel, Mortgage Bankers Association, Washington, D.C.

Lisa S. McGreevy, President and CEO, Online Lenders Alliance, Washington, D.C.

Eric J. Mogilnicki, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C.

Robert Strupp, Systemic Investigations Manager, National Community Reinvestment Coalition, Washington, D.C.

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Program Schedule


8:00 a.m. Registration and Continental Breakfast

8:55 a.m.  Welcome and Administrative Remarks - ALI-ABA Staff
Video Webcast Segment A

9:00 a.m.  Introductory Remarks - An Overview of the CFPB - Ms. Barr and Mr. Lynyak
   •  Title X of the Dodd-Frank Act
   •  Interaction with Title XIV and other titles of the Dodd-Frank Act
   •  Regulatory authorization and oversight of the CFPB
   •  The CFPB's jurisdiction over the federal consumer protection laws
   •  Authority over unfair, deceptive, and abusive acts and practices
   •  Regulatory authority of, and interaction with, other federal and state regulatory agencies

9:30 a.m.  Structure of the CFPB-Operating Offices and Divisions - Ms. Barr and Mr. Lynyak
   •  The CFPB's statutorily required functions and operating offices
   •  CFPB implementation and senior management appointments
   •  Current organizational chart
   •  Outsourcing and contracting for statutory functions
   •  Actions taken by the CFPB subsequent to the transfer date of July 21, 2011

10:00 a.m.  Networking and Refreshment Break

10:15 a.m.  Major Policy Initiatives and the CFPB's Regulatory Agenda - Ms. Barr and Mr. Chanin
   •  Announced policy initiatives and responses to Congressional oversight
   •  Statutory time frames for regulatory initiatives
   •  Required regulatory initiatives without mandated time frames
   •  Effective dates for various consumer-related provisions of the Dodd-Frank Act
   •  Authority of the CFPB without a confirmed Director
   •  The CFPB's announced schedule for rulemaking
   •  Rulemaking protocols, use of technology, and access to CFPB personnel

11:15 a.m.  Examination and Supervision of Consumer Financial Service Companies - Ms. Liu and Mr. Heine 
   •  Authority of the CFPB to examine depository institutions
   •  Authority of federal banking agencies to examine depository institutions
   •  Authority of the CFPB to examine non-depository consumer financial service companies
   •  Examination and supervision manuals and procedure development
   •  Coordination between the CFPB and the federal banking agencies
   •  Dual authority and negotiation of memoranda of understanding among the CFPB, the FTC, and state regulatory agencies
   •  Retained authority of state regulatory authorities
   •  Delegation of authority

12:00 noon  A View from the Consumer's PerspectiveMss. Epperson and Feddis and Mr. Strupp
   •  Consumer priorities for the CFPB
   •  Approaches to rulemaking and disclosures
   •  Identified targets for potential enforcement
   •  Issues and areas of possible cooperation with the industry

12:45 p.m.  Luncheon (provided by ALI-ABA) and Address CFPB Assistant Director Leonard N. Chanin (not webcast or recorded; not for MCLE credit)
Video Webcast Segment B

2:00 p.m.  Enforcement Authority and Litigation of the CFPB and Shared Agency Authorities - Messrs. Hefferon and Kaplinsky
   •  Consumer enforcement authority of the CFPB
   •  The CFPB's Office of Enforcement
   •  Distinctions between the CFPB's authority, the FTC's authority, and the authority of the federal banking agencies
   •  Authority of the CFPB to address unfair, deceptive, and abusive acts and practices
   •  Policy considerations regarding civil money penalties
   •  Expanded enforcement authority of state attorneys general for federal consumer protection laws
   •  Legal issues from the private bar's perspective

3:00 p.m. Networking and Refreshment Break

3:15 p.m.  Outstanding Issues and Concerns of Newly Regulated Industries - Ms. McGreevy and Mr. Mogilnicki
   •  Payday lenders, debt collectors, and credit reporting agencies
   •  Other industry segments subject to CFPB jurisdiction
   •  Scope of exclusions for auto dealers and other excluded entities
   •  Policy considerations for identifying scope of coverage
   •  Status of rulemaking

4:00 p.m.  Restructuring of the Residential Mortgage Market - Messrs. Lynyak and Markison
   •  Proposed mortgage rules required by the Dodd-Frank Act
   •  Holdover mortgage regulatory proposals transferred from the Federal Reserve Board
   •  Combination of RESPA and TILA disclosures
   •  Impact of the QRM and QM Proposals
   •  The GSE conservatorships
   •  The view from the secondary market

4:30 p.m.  Questions and Answers and Concluding Remarks

4:45 p.m.  Adjournment

Total 60-minute hours of instruction: 6 hours

Suggested Prerequisite: Limited experience in legal practice in subject matter or completion of Basic CLE Course in subject matter

Educational Objective: Development of initial level of competency as a practitioner; acquisition of knowledge and skills to develop proficiency as a practitioner; maintenance of professional competence as a practitioner; provision of information on recent legal developments

Level of Instruction: Intermediate

Click Here for MCLE Credit Information

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