The FTC and CFPB will hold a media only call on Monday, November 19, at 12:00 pm ET, to announce “a coordinated effort to protect consumers.” Those present on the call will include Kent Markus, CFPB Assistant Director of Enforcement, and Thomas B. Pahl, Assistant Director in the FTC’s Division of Financial Practices. A discussion with the FTC and CFPB officials will follow. Both agencies share overlapping enforcement jurisdiction over most nonbank consumer financial products and services, as well as several consumer protections statutes.
At the American Bar Association’s antitrust fall forum earlier this month, representatives from both agencies went out of their way to emphasize their close working relationship. Venable attorney Jonathan Pompan moderated a panel session on consumer financial protection investigations and enforcement with panelists J. Reilly Dolan, assistant director of the FTC’s division of financial practices, and Lucy Morris, the CFPB’s deputy enforcement director. By the time each had finished their opening remarks, Jonathan had counted the word “coordination” at least 15 times.
For more information about navigating a CFPB (and FTC) investigation and enforcement action, see Jonathan and Alexandra Megaris’ recent blog post. Click here to read the full article on what to expect when you’re under CFPB investigation.