December 7, 2018

Partner Michael Benoit comments for Law360 as Kraninger confirmed to lead CFPB

Partner Michael Benoit comments for Law360 as Kraninger confirmed to lead CFPB

On December 6, the Senate confirmed Kathleen Kraninger as the next director of the Consumer Financial Protection Bureau (CFPB). Law360 interviewed several financial services attorneys, including Hudson Cook chairman Michael Benoit, who agreed that the consumer watchdog has been less aggressive in its enforcement activity and has become more willing to work with the industry it oversees.

"Here now, you have a bureau that appears to be interested in working with industry and realize that part of a regulator's duty isn't just to enforce the law, but also to help regulated companies understand how to comply with the law," said Michael.

Michael is chairman of Hudson Cook, LLP and a partner in the firm's Washington, D.C. office. He advises banks, sales finance companies, auto dealers, leasing companies, mortgage lenders, and other creditors and technology providers on a wide range of consumer financial services law, and provides federal legislative and regulatory advice and support to financial services trade associations. Michael assists CFPB-regulated clients in preparing for supervisory exams, and represents clients in investigation and enforcement matters involving the Federal Trade Commission and the Consumer Financial Protection Bureau.

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