Lenders Compliance Group
Do you really want to tell the Consumer Financial Protection Bureau (CFPB) that it doesn’t regulate you?
Now the gambit: Intercept claimed that it met exceptions for the law, including one that would allow it to escape the suit because not all of its clients are covered by the CFPA.
But, that position came under this withering fire from the CFPB:
So, first gambit: fail.
If adumbration is the tactic, better be prepared with a phalanx of facts! Unfortunately, Intercept had few facts to support their endeavor to becloud the issues. Although the Bureau did not name the clients, the complaint points to specific communications that Intercept had concerning access as well as its more common practices – such as allegedly ignoring specific warnings.
Third gambit: invoke statute of limitations.
Now comes the last and fourth gambit, one that is like a last gasp of air in a hot air tunnel: challenge the constitutionality of the Consumer Financial Protection Bureau.