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Consumer Fraud

By Jonathan A. Vogel and Jennifer L. King
July 26, 2013

On May 1, federal prosecutors brought the first criminal case based on a referral from the Consumer Financial Protection Bureau (CFPB) in United States v. Mission Settlement Agency. This development clearly signals that this new agency will not be confined to seeking civil and administrative remedies, and that the Justice Department is working cooperatively with the CFPB.

Consumer Financial Protection Bureau

The CFPB, which was established by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), is authorized to regulate and supervise certain consumer financial services companies and large depository institutions. Its stated purpose is “to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.”

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