February 22, 2019
Allen Denson quoted in American Banker article on CFPB consumer refunds
On February 20, American Banker published an article addressing why the Consumer Financial Protection Bureau (CFPB) under new Director Kathy Kraninger appears to be shifting away from requiring financial institutions to refund customers in enforcement action settlements. Partner Allen Denson commented for the story, noting that he was surprised that the CFPB did not seek consumer redress in the Sterling Jewelers case.
"At the end of the day, that's the bureau's role and primary goal," said Allen. "I hope that it's not that they fundamentally don't believe in restitution. Maybe it will shake out differently as there are more actions."
Allen represents clients before the CFPB, FTC, DOJ, federal prudential regulators, as well as state attorneys general and financial regulatory agencies. Attorneys in Hudson Cook's Government Investigations, Examinations and Enforcement practice area provide experienced support to consumer financial services companies and others facing government scrutiny.
Click here to read the American Banker article.