Partners David Monteiro, Robin Nunn, and Rebecca Hillyer were quoted in a Compliance Week article about consumer protection initiatives, which are expected to be a major area of focus under the incoming Biden administration. Robin discussed how a shift in leadership at the Consumer Financial Protection Bureau (CFPB) could usher in more enforcement. “A key issue for the CFPB will be a focus on enforcement including a more energetic focus on fair lending and unfair or deceptive abusive acts or practices and more aggressive policing of Wall Street and of large financial institutions,” Robin said in the article.
Rebecca cited an increased appetite for greater collaboration between federal and state agencies across consumer protection areas. “One obvious potential benefit is that collaborative efforts can lead to more organized resolutions,” Rebecca said. “It can provide companies with a broader view of what is at stake from the get-go, which can allow for more informed decision-making when it comes to things like negotiating pushback of injunctive relief.” And David discussed what potential shifts in focus could occur within the Federal Trade Commission: “Don’t assume that because your industry hasn’t been the subject of FTC consumer protection scrutiny before that it won’t be in the future.”