Consumer Bureau: A Job Creator?

What's Hot


5 Reasons to Shop for a Home in DecemberFamily

Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

15 Things You Should Always Buy at a Dollar StoreMore

Giving Thanks: Why Foreigners Find America AmazingAround The House

New Email Phishing Scam Targets Amazon ShoppersMore

50 Best Gifts Under $25 for Everyone on Your ListFamily

Why Washing Your Turkey Can Make You IllFamily

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

The 7 Worst Things to Buy at a Dollar StoreMore

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

The 50 Hottest Toys of the Past 50 YearsFamily

30 Awesome Things to Do in RetirementCollege

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: 10 Strategies to Save Big Bucks on Amazon

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 1,771 more deals!