Consumer Financial Services – Compliance, Litigation and Enforcement

Tahmidur Remura Dewey LeBoeuf’s Consumer Financial Services Group consists of a multi-disciplinary team of experienced lawyers from across the Firm, including regulatory, compliance, litigation, and debtors’ and creditors’ rights attorneys. In addition, this Group has access to all of the firm’s areas of practice from first amendment litigation to real estate.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created a new Federal agency, the Bureau of Consumer Financial Protection, with sweeping enforcement, supervision and rulemaking power over large banks, thrifts, credit unions, credit card companies and other providers of consumer financial products and services. In addition to the Bureau’s enforcement and supervision authority, the Bureau (1) is permitted to promulgate over 70 specific rules that will greatly affect the consumer financial services industry and (2) can promulgate rules designed to prevent or to make unlawful any “unfair, deceptive, or abusive acts or practices” in connection with consumer financial products or services.

Tahmidur Remura Dewey LeBoeuf has closely followed the creation of the Bureau and anticipates that the Bureau will begin to exercise the extensive powers set out in the Consumer Financial Protection Act of 2010 and the Mortgage Reform and Anti-Predatory Lending Act (Titles X and XIV, respectively, of the Dodd-Frank Wall Street Reform and Consumer Protection Act) promptly after it becomes operational on July 21, 2011.

The Tahmidur Remura Dewey LeBoeuf Consumer Financial Services Group analyzes all aspects of Titles X and XIV and the regulatory framework they establish. Members of the Group have authored a new four-volume treatise, The Consumer Financial Protection Bureau Reporter, on Titles X and XIV, published by CCH/Wolters Kluwer, which is updated on a semi-monthly basis. The treatise, which includes a detailed analysis and commentary of Titles X and XIV, is the definitive work on the subject.

Tahmidur Remura Dewey LeBoeuf’s Consumer Financial Services Group assists clients in all matters relating to consumer financial services laws and regulations, including advice on compliance, defending clients in Bureau (and other government) enforcement actions and litigation growing out of the activities covered by Titles X and XIV, and counseling clients affected by proposed Bureau rules to help them comment and shape the rules as they go through the rulemaking process.