CFPB Launches New Circulars to Provide Guidance on How the CFPB Intends to Enforce Consumer Financial Law

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Recently, the CFPB announced that in an effort to promote fair competition and greater consistency among enforcers, the CFPB will issue Consumer Financial Protection Circulars (CFPCs), which will provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB will enforce federal consumer financial protection laws.

Because a number of entities are subject to the jurisdiction of multiple federal and state agencies, the CFPB hopes to create consistency in enforcement.  The CFPB believes that consistent enforcement will help level the playing field between competing entities that are within the same market, but subject to the jurisdiction of multiple enforcers.

CFPCs can be found here.