Consumer Bureau: A Job Creator?

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

Study: People Who Curse Are More HonestFamily

8 Creative Ways to Clear ClutterAround The House

15 Things You Should Always Buy at a Dollar StoreMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

5 Reasons to Shop for a Home in DecemberFamily

This Free Software Brings Old Laptops Back to LifeMore

Should You Donate to Wreaths Across America? A Lesson in Charitable GivingAround The House

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

10 Free Things That Used to Cost MoneyAround The House

7 New Year’s Resolutions to Make With Your KidsFamily

10 Simple Money Moves to Make Before the New YearFamily

The 3 Golden Rules of Lending to Friends and FamilyBorrow

A government crackdown on bad practices in the financial industry is scaring some companies into lawyering up.

As politicians debate the economy and how to create more private sector jobs, CNN has an interesting story: how a government agency is creating lots of profitable work for lawyers.

The Consumer Financial Protection Bureau (CFPB), launched over a year ago, is designed to fight for consumer rights. Recently it’s been explaining how messy credit scores are, fined Capital One and Discover about $200 million each for deceptive marketing of credit add-on services, and just ordered American Express to repay customers $85 million. So far it’s been slapping big banks around, but as CNN explains, other industries not used to this oversight are panicking and law firms are stepping in…

Ballard Spahr’s [Alan] Kaplinsky likened the CFPB to a “three-headed monster,” with a regulatory head that makes new rules, a supervisory head that examines the books of financial companies, and an enforcement head that cracks down on companies.

Ballard Spahr’s CFPB team helps about 125 clients fend off these three “heads” — which is especially crucial for nonbank companies like private student lenders and payday lenders since they have never been subject to ongoing federal supervision before, he said.

Kaplinsky leads Ballard Spahr’s consumer finances division, where “CFPB-related work has increased the division’s revenue by about 50 percent since its creation.”

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 6 Ways to Make Cheap Foods Taste Delicious

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,910 more deals!