Andrew C. Sayles, a partner in Connell Foley’s Banking Law and Finance, Professional Liability and Class Action Defense groups, and Lauren F. Iannaccone, a Commercial Litigation and Class Action Defense associate with the firm, co-authored the article “Attorneys Beware: The CFPB Has Expanded Its Focus to Law Firms,” which was published in the July 20, 2016 issue of the DRI newsletter, The Voice. The article discusses recent regulatory activity by the Consumer Financial Protection Bureau (CFPB) against two separate law firms resulting in fines in excess of $4 million. Although Congress excluded the practice of law as an activity subject to regulation by the CFPB, other portions of the Dodd-Frank Act have been cited to permit federal oversight and regulation of attorneys and law firms. The article notes issues and concerns for attorneys and law firms are subject to CFPB oversight.
To read the article, please click here.