June 16, 2021
Lucy Morris comments for SubPrime Auto Finance News on FTC chair confirmation
On June 15, the U.S. Senate confirmed Lina Kahn as the new chair of the Federal Trade Commission (FTC). President Biden appointed Khan to a term that expires in September 2024, and designated her as chair.
SubPrime Auto Finance News contacted Hudson Cook Partner Lucy Morris, a former Deputy Enforcement Director at the Consumer Financial Protection Bureau (CFPB) and a former Assistant Director of the FTC's Bureau of Consumer Protection, for her thoughts on how Khan's appointment might influence auto financing, as well as how it correlates back to the CFPB.
"With Khan's confirmation, the FTC is now controlled by the Democrats, with three Democrats and two Republicans," Lucy said. "In the short term, Rohit Chopra will likely stay long enough to allow the majority to vote out any important pending matters such as those relating to auto finance and any potential rulemaking in that area. But I expect that Chopra will soon be confirmed as the new CFPB director and then they will need to nominate and confirm his replacement at the FTC."
Lucy is a partner in Hudson Cook's Washington, DC office and chairs Hudson Cook's Government Investigations, Examinations, and Enforcement Practice Group. She counsels financial institutions and others in complying with federal consumer financial laws and prohibitions against unfair, deceptive, or abusive trade practices. She is an experienced advocate and litigator, representing clients in government investigations, examinations, and enforcement actions before federal and state agencies, including the CFPB, FTC, U.S. DOJ, and state AG offices.
Click here to read the SubPrime article.