Article about the Inner Workings of the CFPB

Consumer financial services attorney Ronald Rubin has published a revealing article about the way in which the Consumer Financial Service Bureau (the “CFPB”) functions. Rubin is a former SEC attorney who played an important role in building the CFPB’s Office of Enforcement. His article, “The Identity Crisis at the Consumer Financial Protection Bureau,” criticizes the way the Supervision and Enforcement offices interact with each other. Rubin explains how the CFPB’s structure is influenced by the bank regulators, the FTC’s Bureau of Consumer Protection, and the SEC. Rubin insists that to be more effective (and less expensive to the regulated businesses), investigations should start with informal questioning rather than with a “burdensome” initial CID. The article can be viewed here: http://tinyurl.com/bsajrso