Webcast: CFPB Trends in Enforcement and Investigations

April 21, 2016

​The rise of the U.S. Consumer Financial Protection Bureau (CFPB) enforcement efforts, the expansion in the scope of industries targeted and the level of penalties imposed, and the targeting of financial products that the CFPB has deemed cybersecurity risks—these are just some of the expansive array of challenges the CFPB raises for compliance professionals and in-house litigation counsel. Join our experienced bank regulatory, white collar defense and investigations, securities litigation and investigations, and cybersecurity panelists as they discuss these and other developments at the CFPB as well as approaches for navigating this uncertain regulatory and legal landscape.

View Slides [PDF]

Topics discussed include:

  • Overview of the CFPB’s Authority Under the Dodd-Frank Act
  • Trends in Recent Enforcement and Compliance Actions Brought by the CFPB
  • Expansion of CFPB’s Authority to Take Action Against “unfair, deceptive and abusive acts and practices” (UDAAP)
  • The CFPB’s New Focus on Cyber-Risk and Data-Security: What to Watch Out For
  • Understanding How the CFPB, the FTC, and the SEC Do (and Don’t) Work Together
  • Reputational and Litigation Risks Triggered by the CFPB’s Promotion of its Enforcement Activities
  • Follow-on Litigation Arising from CFPB Enforcement
  • Practical Recommendations for Addressing Top Areas of CFPB Compliance Risk and Uncertainty

Who should view this program:
Professionals involved in consumer financial services, including compliance and information officers, and other in-house counsel, directors, senior executives, corporate secretaries and others responsible for regulatory compliance and cybersecurity.

Panelists:

Reed Brodsky is a partner in the New York office of Gibson, Dunn & Crutcher. He is a member of Gibson Dunn’s Litigation, Crisis Management, Securities Enforcement, and White Collar Defense and Investigations Groups. Mr. Brodsky is a nationally recognized trial lawyer and litigator best known for his success as lead trial counsel in two of the most high-profile white collar criminal cases in recent memory, United States v. Raj Rajaratnam in 2011, and United States v. Rajat Gupta in 2012. Before joining Gibson Dunn, Mr. Brodsky spent eight years serving as an Assistant United States Attorney in the United States Attorney’s Office for the Southern District of New York. For more than six of those years, he was a member of the Securities and Commodities Fraud Task Force. Mr. Brodsky’s areas of expertise include trial work, white collar crime, securities enforcement proceedings, corporate internal investigations, compliance counseling, and complex civil litigation. He has extensive experience representing institutions, hedge funds, issuers of securities, board committees, and individuals in connection with investigations, litigation, and SEC enforcement proceedings under the federal securities laws. He is a leading national expert on insider trading investigations after successfully prosecuting more than 50 individuals for insider trading crimes; using wiretaps in an insider trading trial for the first time in U.S. history; prosecuting the first matchmaking insider trading case in U.S. history; and authoring the first federal wiretaps on a conference line in U.S. history. Mr. Brodsky has received national recognition and many awards for his achievements and litigation skills, including the Attorney General’s Award for Distinguished Service, in 2012, and the Executive Office of U.S. Attorney’s Director’s Award for Superior Performance by a Litigative Team, in 2013

Arthur S. Long is a partner in the New York office of Gibson, Dunn & Crutcher, where he is a Co-Chair of Gibson Dunn’s Financial Institutions Practice Group and a member of the Securities Regulation Practice Group. Mr. Long focuses his practice on financial institutions regulation, advising on the regulatory aspects of M&A transactions; bank regulatory compliance issues; Dodd-Frank issues, including the regulation of systemically significant financial institutions (SIFIs) and related heightened capital and liquidity requirements; resolution planning; and Volcker Rule issues with respect to bank proprietary trading and private equity and hedge fund operations. In addition, Mr. Long has significant experience with bank securities offerings and issues particular to foreign banks operating or seeking to operate in the United States, and experience with emerging legal issues in the area of virtual currencies. During the Financial Crisis, he provided advice in connection with The Federal Reserve Bank of New York’s emergency loan to American International Group, Inc.; Her Majesty’s Treasury’s plan to provide support to the U.K. banking system, including obtaining relief from the U.S. Bank Holding Company Act for the U.K.-government controlled company that was the majority shareholder of The Royal Bank of Scotland Group plc and Lloyds Banking Group plc; Morgan Stanley’s becoming a bank holding company and conforming its global operations to the Bank Holding Company Act; and Citigroup’s proposed rescue of Wachovia Corporation and FDIC assistance

Alexander H. Southwell is a partner in the New York office of Gibson, Dunn & Crutcher, where he is Co-Chair of Gibson Dunn’s Privacy, Cybersecurity and Consumer Protection practice. An experienced trial and appellate attorney, Mr. Southwell served as an Assistant United States Attorney in the United States Attorney’s Office for the Southern District of New York. His practice focuses on counseling a variety of clients on privacy, information technology, data breach, theft of trade secrets and intellectual property, computer fraud, national security, and network and data security issues, including handling investigations, enforcement defense, and litigation. In particular, Mr. Southwell regularly advises companies victimized by cyber-crimes and counsels on issues under the Computer Fraud and Abuse Act, the Economic Espionage Act, the Electronic Communications Privacy Act, and related federal and state statutes. Mr. Southwell was named a Law360 “MVP” in Privacy for 2015 – one of five “elite attorneys” recognized – for his “successes in high-stakes litigation”; ranked as an up and comer in White Collar Litigation by Chambers USA, and selected as a Cybersecurity and Data Privacy Trailblazer in 2015 by The National Law Journal. Additionally, in 2014 he was honored by Benchmark Litigation as a future star and by Best Lawyers in America as a leading lawyer for White Collar Criminal Defense.

Ryan T. Bergsieker is of counsel in the Denver office of Gibson, Dunn & Crutcher. He is a member of Gibson Dunn’s Litigation, White Collar Defense and Investigations, Privacy, Cybersecurity and Consumer Protection, and FCPA Practice Groups. A former Assistant United States Attorney in the District of Colorado, Mr. Bergsieker is an experienced courtroom advocate who has tried more than 45 civil and criminal cases to verdict. He coordinated the District’s computer hacking prosecutions, served as its subject matter expert on electronic surveillance law, and investigated and prosecuted a wide range of crimes, including computer intrusions, denial of service attacks, theft of proprietary business information, identity theft, pharmaceutical misbranding, wire fraud, and mail fraud. As a result of Mr. Bergsieker’s work, the United States Attorney awarded him the District’s Distinguished Service Award and the U.S. Attorney’s Award of Excellence. Mr. Bergsieker helps companies and executives navigate regulatory and criminal investigations, commercial disputes, and data breaches—both before and after the formal commencement of litigation—and provides proactive counseling to help clients minimize the likelihood of such events. He has particular experience handling criminal and civil False Claims Act matters and regulatory investigations regarding privacy, data security and other consumer protection issues; and has been recognized as a Colorado “Rising Star”; a “Compleat Lawyer” who “excel[s] in the courtroom, in the boardroom, in client meetings and out in the community”; and one of the top ten criminal defense attorneys in Colorado under the age of 40.

Mary Beth Maloney is a senior associate in the New York office of Gibson, Dunn & Crutcher. She is a member of Gibson Dunn’s Litigation and Financial Institutions Practice Groups. Ms. Maloney’s practice focuses on complex, high stakes trials. She also has significant expertise and experience in representing financial institutions, corporations, and individuals in connection with international discovery disputes. Her current high-profile representations include Royal Bank of Canada in a securities fraud case arising from the 2008 financial crisis, and hedge fund manager, Mr. Louis Bacon, the founder of Moore Capital Management, in a New York State court action involving complex international discovery. Ms. Maloney has litigated international discovery disputes and both defended and brought numerous 28 U.S.C. § 1782 actions (discovery for use in foreign proceedings). In addition, she advises financial institutions and corporations on continued developments in the U.S. Consumer Financial Protection Bureau’s (CFPB) enforcement efforts and helps compliance and cybersecurity professionals successfully navigate this landscape. From discovery through judgment, Ms. Maloney has been an essential member of the trial teams of Gibson Dunn’s most high profile and successful representations, including representing Chevron Corporation in its successful RICO and fraud suit against the purveyors of a $9.2 billion Ecuadorian judgment against the company—what the Wall Street Journal called the legal “fraud of the century,” Chevron Corp. v. Donziger et al. As the most junior member of the Chevron trial team, she took the testimony of two expert witnesses before Judge Lewis B. Kaplan in the Southern District of New York. The year before, Ms. Maloney was part of the trial team that represented Francois Pinault’s Artémis SA in a victory recognized in 2012 as one of the Top Ten Defense Verdicts of the year by the California Daily Journal. Ms. Maloney is a member of the bars of New York and California. Prior to attending law school, Ms. Maloney worked for six years in the California State Capitol as a Legislative Director

 


MCLE Credit Information:

This program has been approved for credit in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 1.5 credit hours, of which 1.5 credit hours may be applied toward the areas of professional practice requirement.  This course is approved for transitional/non-transitional credit.

Attorneys seeking New York credit must obtain an Affirmation Form prior to watching the archived version of this webcast.  Please contact Jeanine McKeown (National Training Administrator), at 213-229-7140 or jmckeown@gibsondunn.com  to request the MCLE form.

Gibson, Dunn & Crutcher LLP certifies that this activity has been approved for MCLE credit by the State Bar of California in the amount of 1.5 hours.

California attorneys may claim “self-study” credit for viewing the archived version of this webcast.  No certificate of attendance is required for California “self-study” credit.