If lawyers thought they’d escape scrutiny by the Consumer Financial Protection Bureau, they’ll have to think again. The agency has filed more lawsuits against attorneys than almost any other group—six against legal services providers, according to an analysis by The National Law Journal. Only the banking industry—also the subject of six—was equally stung. Plus the agency has asserted that debt-collection lawyers are subject to its direct supervision, including on-site examination of books and records.
That wasn’t the expectation when the consumer agency opened its doors in July 2011. Back then it was the banks, mortgage companies and other lenders that braced for lawsuits—and loudly complained about the new agency’s powers. The lawyers were quiet, seemingly unaware that they too could find themselves in the CFPB’s crosshairs.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
