Editor’s note: This article is the first in a two-part series.
In May, the Consumer Financial Protection Bureau made its first criminal referral to the Department of Justice a headline that should have sparked concern in the legal departments of financial institutions, but instead went largely unnoticed. The criminal referral and other recent activity signal that it is time for businesses to pay attention to the CFPB. In effect, the bureau is redefining and expanding consumer finance law with increasing breadth and scope and ultimately reshaping the landscape of the consumer financial services industry.
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