The Consumer Financial Protection Bureau, established just one-and-a-half years ago as an offshoot of the Dodd-Frank Act, has already fielded 90,000 consumer complaints, hired 1,000-plus staffers, and started supervising more than 150 banks—and its impact is being deeply felt. On January 10, the CFPB released a new set of rules that will have a wide-reaching effect on mortgage lenders in particular.

Alan S. Kaplinsky, Practice Leader of Ballard Spahr's Consumer Financial Services Group, regularly counsels and represents clients in matters involving the CFPB. His view on the bureau's new rules is: "They have had a monumental impact for an agency that has only really been operational for a year." In spite of the consumer financial services industry's fears that the CFPB would prove a "one-sided force," Mr. Kaplinsky states, "They are not reflexively doing everything they can to help consumers and screw the industry."

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Consumer Financial Services