September 9, 2020
Partner Patty Covington quoted in Auto Finance News article on the election's impact on the future of the CFPB
Auto Finance News recently spoke with Partner Patty Covington for her thoughts on how the outcome of the November election could affect the future of the leadership and regulatory agenda of the Consumer Financial Protection Bureau (CFPB). Although the CFPB has experienced substantial change in its operational approach since the Trump administration took office in 2016, Patty noted that it has not been "sleeping on the job."
"The CFPB is still pretty assertive," Patty said. "Maybe not as aggressive, but they're certainly assertive. And they've taken some assertive positions in [civil investigative demands] that we've seen. They're not as public about it, but I think they're still scrutinizing financial institutions. I think they're very focused on consumer education," she said.
But what if Biden is elected? "The CFPB is a very political animal and it takes its directive from one person at the top," Patty explained. "It could very easily shift into a much more aggressive posture with a different director, which is what I would expect to happen if Biden were elected."
Patty focuses her practice on all areas of consumer financial services law, including auto finance, small installment lending, federal regulatory compliance, CFPB-readiness, privacy, data security and information management, electronic commerce, marketing, as well as matters involving the Federal Trade Commission and the Consumer Financial Protection Bureau. She advises banks, sales finance companies, motor vehicle dealers, small installment lenders, other similar creditors, service providers and technology providers.
Subscribers to Auto Finance News may click here to read the article. For more insights on the CFPB, tune in to Hudson Cook's monthly CFPB Bites webinars.