August 5, 2019
Partner Lucy Morris quoted in Bloomberg Law article on challenges to CFPB Investigative Demands
On August 5, a Bloomberg Law article outlines the Consumer Financial Protection Bureau's (CFPB) recent track record of Director Kathleen Kraninger backing her enforcement staff and rejecting challenges by companies to civil investigative demands (CIDs). Kraninger has rejected all seven petitions to modify or set aside CFPB CIDs, only ordering a few modifications to bring them in line with an April policy change that required enforcement staff to add more information in statements of purpose at the top of CIDs. Hudson Cook Partner Lucy Morris, a former CFPB deputy enforcement director, was interviewed for the story.
"It seems to me that she is allowing enforcement investigations to proceed, with the requirement that they be more specific," said Lucy. "Ultimately at the end of the day, the agency is entitled to get what it needs as long as it's not too burdensome."
Lucy is a partner in Hudson Cook's Washington, D.C. office and chairs the firm's Government Investigations, Examinations and Enforcement practice group. Lucy 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 Consumer Financial Protection Bureau, Federal Trade Commission, U.S. Department of Justice and state AG offices.
Lucy recently served on a panel at the CFPB's symposium on abusive acts or practices. The video of the symposium can be viewed on the CFPB website.
Subscribers to Bloomberg Law may view the full article here.