Does your company provide loans or some type of other financial service to the public? Have you been concerned that your products may be covered by the new Consumer Financial Protection Bureau (CFPB) contemplated by the financial reform legislation that is about to be passed by the Congress?
If so, you might want to tune into the event that our firm, Arnold & Porter LLP, is sponsoring on July 29, 2010, entitled, "Is This a Brave New World? Implications of the CFPB and the FTC for Nonbank Financial Services Providers".
This webinar will go over the proposed jurisdiction of the new CFPB, which is contemplated to be an independent bureau within the Federal Reserve. Importantly, the CFPB would be responsible for consumer protection over financial products and services offered by anyone (both banks and nonbanks) who offers to finance retail goods or services. While banks have been subject to comprehensive supervision for consumer compliance by their primary bank regulators for some time, nonbank entities have not. Thus, for those entities, the legislation will usher in a new supervisory regime that most likely will be different than that of the Federal Trade Commission (FTC), which now has jurisdiction over these entities
This event will highlight the FTC’s historical role over nonbank financial services providers, the expected changes for those entities that will be covered by the CFPB’s jurisdiction, and the anticipated cooperation between the FTC and the CFPB.
We are pleased to have at this event Joel Winston, the Associate Director of the Division of Financial Practices at the FTC’s Bureau of Consumer Protection. Also speaking are Beth DeSimone, Nancy Perkins, and Robert Clark, Arnold & Porter LLP attorneys who work in the consumer credit area.
The event will take place from 12:30 PM to 2:00 PM EDT on July 29, 2010. The event is being offered both in person at Arnold & Porter LLP's Washington DC office as well as via webinar. Lunch will be provided for those who come in person.
For a written analysis of this aspect of the legislation, click here.
UPDATE (8/3/2010): Click here for a link to audio and video recordings of the event.
