Watch Out: Your Competitors Can Now Make You the Target of a CFPB Investigation

Watch Out: Your Competitors Can Now Make You the Target of a CFPB Investigation

Jul 07, 2014

Article

Brownstein Client Alert, July 7, 2014

Throughout its short history, the Consumer Financial Protection Bureau (“CFPB”) has asserted jurisdiction over various nontraditional consumer-related financial industries, from law firms to collection agencies and automobile dealerships. While the CFPB is still in the process of expanding its already extensive reach, it is now accepting referrals from a new source —Your Competitor.

The advertising industry has a self-regulating accountability program called the Online Interest-Based Advertising Accountability Program. The program conducts formal and informal investigations to follow the self-regulation principles set forth by the program.

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