Reprinted with permission by Legal Backgrounder, July 2016

One of the more controversial aspects of the Consumer Financial Protection Bureau (CFPB or Bureau) is what critics term its "regulation by consent order." This phrase refers to CFPB's ongoing practice of using consent orders not simply to resolve individual enforcement actions, but also to bring about systemic change. Critics charge that such use of consent orders deprives companies of fair notice of prohibited conduct and makes an end-run around formal notice-and-comment rulemaking, which the Dodd-Frank Act empowered the Bureau to do. Read More.


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