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The Consumer Financial Protection Bureau, created as part of the Dodd-Frank Wall Street reforms in response to the recession of 2007-2008, has been credited with issuing regulations that have cracked down on predatory lending, abusive consumer debt litigation, and unsustainable banking practices. However, it has also been criticized for overburdening the financial sector, and in 2016 a D.C. Circuit Court of Appeals found the structure of the Bureau - whose appointed director is not subject to removal by the President for any reason other than inefficiency, neglect of duty, or malfeasance - to be unconstitutional. A rehearing was granted, and a decision in the case is still pending. In the meantime, the Bureau still faces other challenges, including opposition by members of the new administration, challenges to various CFPB orders against supervised financial entities, and proposed legislation to undo the Arbitration Rule (which imposed limits on common “mandatory arbitration” clauses in financial services contracts).
While awaiting the outcome of these challenges, the CFPB is continuing to provide rulemaking guidance around on a variety of topics, including, credit reporting, prepaid financial products, payday lending, and more. In addition, it continues to seek enforcement actions, although the number has decreased since the 2016 election.
In this program, Hudson Cook Partners Michael Benoit and Trisha Cacciola will discuss the CFPB’s authority, recent trends in CFPB rulemaking and enforcement actions, the predicted potential outcomes of pending challenges, and best practices for advising clients in the banking and financial services industry and concerned legislators.
Michael is a partner in the firm's Washington DC office. He advises banks, sales finance companies, auto dealers, leasing companies, mortgage lenders, and other creditors and technology providers on a wide range of consumer financial services law, and provides federal legislative and regulatory advice and support to financial services trade associations. His practice includes consumer credit, electronic commerce, privacy, telemarketing, personal property financing and leasing, as well as creditor-based collection practices. He assists CFPB-regulated clients in preparing for supervisory exams, and represents clients in investigation and enforcement matters involving the Federal Trade Commission and the Consumer Financial Protection Bureau.
Michael is actively involved in a number of trade associations, including the American Financial Services Association, where he is Counsel to the association's Vehicle Finance Committee, and the Consumer Credit Industry Association, where he serves as regulatory counsel. He also serves as the Chair of the Personal Property Subcommittee of the American Bar Association's Consumer Financial Services Committee.
Along with several of his Hudson Cook colleagues, Michael is honored to be a Fellow of the American College of Consumer Financial Services Lawyers, "a professional association of lawyers particularly skilled and experienced in handling consumer financial services matters and dedicated to the improvement and enhancement of the skill and practice of consumer financial services law and the ethics of the profession."
Michael is a frequent speaker and author on a variety of consumer financial services law topics. His articles have appeared in the American Bar Association's Business Law Journal, the Mortgage Banker Magazine, among others, and he writes a popular monthly column for Auto Finance News. Speaking engagements include the Auto Finance Summit, the Consumer Bankers Association CBA Live!, the American Financial Services Association (AFSA) Vehicle Finance Conference, the AFSA Independent's Conference, the American Bar Association, and numerous other national programs.
Michael received his law degree in 1993 from the Case Western Reserve University School of Law. He holds a Bachelor of Music degree from the University of Miami and Master of Music degree from the University of Michigan. He started his professional life as a symphony musician, an experience that laid the foundation for his collaborative approach to client service and creative problem solving.
Trisha joined Hudson Cook, LLP as a Partner in 2015. In her practice, she advises clients, including finance companies, banks, dealers, and manufacturers on a wide variety of consumer and commercial auto finance and exam management matters, offering a unique perspective as a former in-house counsel.
Prior to joining Hudson Cook, Trisha was an Assistant General Counsel and Executive Director at JPMorgan Chase Bank, N.A., participating in day-to-day business and legal issues and providing legal guidance on a wide array of matters within Chase Auto Finance. During Trisha's career with Chase, she handled matters in all facets of the auto finance business, including regulatory exam management on both federal and state levels, manufacturer partnerships, fair lending, originations, servicing, collections, defensive litigation, floor plan financing, marketing, e-commerce, software/vendor contract drafting/negotiation and lobbying. She was also the auto finance subject matter expert for Chase Auto Finance in connection with the auto securitization and like kind exchange programs. In addition, she assisted with the integration of the auto businesses resulting from the merger of Chase with Bank One.
Previously, Trisha was a Vice President and Associate General Counsel with the Legal Department of Bank of America's predecessor financial institutions, NationsBank, Barnett Bank, and Oxford Resources Corp., providing legal and compliance support to their consumer and commercial auto finance programs. She also assisted in the mergers of the auto finance businesses during each corporate acquisition.
Prior to Trisha's in-house experience, she was an associate with the law firm of Winston & Strawn in their New York office, practicing in the Corporate, Commercial Loan, and Project Finance and Bank Regulatory departments, with an emphasis on transactional work.
Trisha is a member of the American Bar Association and the New York State Bar. She received her law degree from the New York University School of Law in 1990 and in 1987 received her Bachelor of Science in Accounting (magna cum laude, Beta Gamma Sigma).
Excellent program. Very comprehensive and helpful.
Informative and timely - always great to see Michael present.
Excellent update on what's happening with the CFPB, which has become the most powerful government agency in a very short amount of time; they really need some checks and balances.
So timely - loved it!
Both speakers did excellent job.
amazingly up to date
Good thank you
Presenters clearly explained the scope and interaction of the various laws and regulations the the CFPB use as authority
Excellent (info, presentation) on a very timely topic. Speakers were very knowledgeable.
Excellent course. Very timely material.
Timely use of very current court case.
Really good presentation!