Michael Escue Discusses CFPB Expectations in New York Law Journal Banking Column

August 29, 2012
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The August 29 issue of New York Law Journal published the article, “First CFPB Public Enforcement Action Offers Insight Into Agency Expectations,” written by Mr. Escue. He examined the possible implications of the announcement by the Consumer Financial Protection Bureau (CFPB) of its public enforcement action against Capital One Bank in connection with the bank’s marketing and sale of credit card “add-on” products, such as payment protection and credit monitoring. The CFPB issued a “consumer advisory” cautioning consumers against the solicitation of such products, as well as a compliance bulletin outlining the agency’s expectations with respect to the marketing and sale of add-on products. Mr. Escue notes that “[t]he consent order leaves much uncertainty with respect to the calculation of the amount of civil money penalties the CFPB may seek to impose.”