“At a recent IAPP (International Association of Privacy Professionals) privacy event, officials from the FTC and CFPB offered insight into their respective agencies’ future enforcement plans,” National Law review told MHProNews.
CFPB Senior Counsel Pavneet Singh summarized the Consumer Financial Protection Bureau (CFPB) enforcement powers, and gave insights on what to expect from the agency’s plans for enforcement.
Singh said the CFPB’s enforcement jurisdiction, similar to the FTC’s Section 5 power, covered unfair and deceptive acts or practices. S added that the FTC’s actions, “generally inform the Bureau’s views on unfairness and deception.”
This comes on the heels of an announced $10 million dollars in fines on October 24th by the Federal Trade Commission (FTC) against two telecommunications carriers a on October 24 for allegedly failing to protect customer data.
Singh elaborated, saying the Bureau “look[s] for violations of consumer financial laws through enforcement and examination, and a lot of what priorities are made is based on what we find.”
The potentially chilling nature of this announcement on lenders of more modest size should be noted, including those involved in captive finance operations, community lending or manufactured housing. ##
