Ex-CFPB Enforcement Officials Launch Consumer-Focused Law Firm

Retailers offering financing should prepare for a new wave of legal scrutiny. Three high-ranking former CFPB officials have launched a private law firm focused on consumer rights and enforcement. During their time at the government bureau, this team successfully secured over $9.5 billion in penalties and consumer refunds. Now, they are bringing that same aggressive oversight to the private sector. For your business, this means consumer advocacy is getting a major upgrade in firepower. These lawyers know exactly where the 'bodies are buried' regarding financing disclosures, hidden fees, and debt collection practices. They are likely to target common industry pain points like Buy Now, Pay Later (BNPL) transparency and high-interest lease-to-own agreements. If your financing partners are not 100% compliant with federal standards, your business could be caught in the crossfire of class-action lawsuits or private enforcement actions. Now is the time to audit your point-of-sale disclosures and ensure your staff isn't making verbal promises that the financing contracts don't keep.

Source: PYMNTS

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