An article written by Katherine Armstrong was featured in the Subcommittee Spotlight in the ABA Business Law Section, Consumer Financial Services Committee Newsletter. Katherine co-wrote “Federal Trade Commission and Consumer Financial Protection Bureau Remedies,” with Adam Maarec of Davis Wright Tremaine LLP, and Nicholas Smyth of Reed Smith LLP.
Katherine provides an overview of the Federal Trade Commission’s (FTC) remedial powers and authority, including prohibition of unlawful conduct, informational or other affirmative obligations, and monetary relief. Katherine’s co-authors discuss the Consumer Financial Protection Bureau (CFPB) remedial authority.
They conclude that the civil money penalty authority provided to the CFPB by the Consumer Financial Protection Act is the biggest difference between the FTC and the CFPB. Further, they note that while monetary relief is important to the FTC, injunctive and other informational or affirmative obligations are also included in FTC orders to provide complete relief.