Hudson Cook's CFPB Practice
Hudson Cook lawyers regularly represent clients facing investigations, examinations, and enforcement actions by the Consumer Financial Protection Bureau (CFPB). Led by practice group chair Lucy Morris, a former deputy director of the CFPB's enforcement office, our lawyers have represented auto finance companies, traditional installment lenders, online and payday lenders, consumer reporting agencies, money transmitters, debt collectors, service providers, banks, mortgage servicers , and many others in matters before the CFPB since the agency's creation in 2010.
We advise and advocate for clients at every step of the CFPB's enforcement and supervision process.
We assist clients before, during, and after CFPB exams to navigate the Bureau's comprehensive supervisory process. When examiners identify potential law violations, we assist clients with CFPB Potential Action and Request for Response (PARR) responses by advocating for no action or for a non-public resolution through the Bureau's confidential supervisory process. When examiners refer potential violations to the CFPB's enforcement office, we continue to represent clients in the ensuing investigation.
Civil Investigative Demands
Receipt of a civil investigative demand (CID) is typically the first step in the CFPB's investigative process. CID recipients may be asked to produce documents and data, respond to written questions, or provide sworn testimony at a CFPB investigational hearing. Hudson Cook lawyers have assisted clients in responding to countless CIDs and have a deep understanding of the CFPB's rules governing CID responses. We assist clients on all aspects of their CID response, from hearing preparations to large-scale document review and production. At the same time, we counsel clients on how to exercise their rights, assert privileges, and negotiate modifications to a CID.
Petitions to Modify or Set Aside a CID
Recipients of a CID have the right to petition the CFPB to modify or set aside the CID. We regularly advise clients on the pros and cons of submitting a petition and have drafted and filed several petitions on behalf of clients.
Notice and Opportunity to Respond and Advise (NORA)
The CFPB's NORA process gives investigation subjects an opportunity to submit a brief explaining why the Bureau should limit or decline to pursue an enforcement action. Our lawyers have assisted several clients with NORA submissions, in some cases resulting in the closing of the investigation and in other cases limiting the scope of an enforcement action.
Michael A. Goodman and Kristen Yarows - December 22, 2022
Mark E. Rooney - December 15, 2022
Mark E. Rooney and Erik Kosa - November 17, 2022
Michael A. Goodman and Francis Conlon - October 19, 2022
Lucy E. Morris and Michael C. Essiaw - October 2, 2022
CFPB News & Events
March 15, 2023
December 29, 2022
Eric L. Johnson and Justin B. Hosie - December 15, 2021
Settle or Sue Negotiations
If the CFPB director grants enforcement staff "settle or sue" authority, we may attempt to resolve the matter through settlement. Hudson Cook attorneys have successfully negotiated consent decrees for clients that avoid further enforcement risk and minimize future exposure to private-plaintiff liability.
If a settlement is unpalatable to the company, or the CFPB insists on it, litigation may be unavoidable. We represent clients facing enforcement actions by the CFPB, as well as related litigation by private plaintiffs, including class actions.
Our CFPB practice is informed not just by the years of cumulative experience handling matters before the CFPB since the agency's inception, but by our decades of experience as dedicated consumer financial services lawyers. If you have received a civil investigative demand from the CFPB or otherwise have questions relating in any way to the CFPB, please reach out to any of the lawyers in our government investigations and enforcement practice.