Criminal charges filed against a New York debt settlement firm based on a referral from the Consumer Financial Protection Bureau show that the fledgling agency's enforcement staff will be able to successfully leverage its unique investigative powers. In this Law360 article, John Calender notes that the CFPB's power to regularly inspect the companies it regulates will give the CFPB a better shot at ferreting out alleged wrongdoing than the FTC.
"It gives the CFPB more opportunity just because it has much more expanded audit authority than the FTC normally would," Mr. Calender said.
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