The Consumer Financial Protection Bureau recently announced that it would end a controversial practice of having enforcement attorneys attend regular company examinations. Consumer finance industry attorneys say the move should ease tensions and allow CFPB examiners to supervise the industry more effectively.

By lifting the threat of an enforcement action implied by the attorneys’ presence, the CFPB is paving the way for a better conversation between examiners and companies, as well as better promoting its goal of a safer marketplace for consumers, said Ballard Spahr attorney Christopher J. Willis.

“It’s in the CPFB’s interest to get a freer flow of information and a more open line of communication with the companies it regulates,” Mr. Willis said.

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Consumer Financial Services