PRACTICE AREAS


Quyen Truong provides regulatory compliance counseling and defense for clients in litigation, government examinations, investigations, and enforcement actions, with emphasis on the Consumer Financial Protection Bureau (CFPB) and prudential regulators, the Federal Trade Commission (FTC), the Department of Justice (DOJ), State Attorney Generals and State financial regulators. She guides and represents clients through all phases of government supervision and enforcement activities. Ms. Truong joined Stroock in May 2016 after serving as Assistant Director and Deputy General Counsel at the CFPB, where she helped to build the new federal regulatory agency and implement the Dodd-Frank Wall Street Reform and Consumer Protection Act, including establishing its infrastructure for decision-making and for interaction with industry, other stakeholders, and governmental authorities.
 
As Deputy General Counsel for Litigation, Enforcement, and Oversight at the CFPB, Ms. Truong oversaw the agency’s legal analysis and defense in all matters concerning litigation and mission risks.  Among other responsibilities, she supervised defensive, appellate and amicus litigation, and the review of all CFPB investigations and enforcement actions. The litigation team under her direction represented the CFPB on key issues – from defining the boundaries of its authorities to advancing its interpretation of federal consumer financial law in litigation. She also represented the CFPB in inter-agency fora, including serving as Deputy to the Financial Stability Oversight Council and coordinating with the DOJ, FTC and other regulators in high-stakes litigation, oversight and regulatory proceedings.

Ms. Truong came to the CFPB from the Federal Deposit Insurance Corporation (FDIC), where she oversaw the investigation and litigation of claims of regulatory violation, fraud, officer/director and other professional liability, following the financial crisis. Earlier in her career, she served as Associate Bureau Chief at the Federal Communications Commission (FCC), and was cited in Electronic Media’s Millennium Hot List of Industry Leaders for her work as a key driver of the agency’s Internet and competition policies, and her collaboration with the DOJ, FTC, and other authorities.

Besides her vast experience in the public sector, Ms. Truong has over 17 years of private practice experience, including service as a law firm Board member and practice group leader specializing in litigation, investigations, regulatory compliance, and crisis management. The practical and strategic solutions she provides has made her a trusted adviser to industry. For example, she coordinated a consumer services industry leader’s internal investigation and defense against simultaneous attacks by the FCC, FTC, DOJ, Congress, state regulators and prosecutors, and media concerning alleged massive data and privacy breaches.  She terminated the government investigations with zero liability for the client; transformed the company from a government target to a government ally in pursuing the wrongdoers; designed an efficient compliance program that won the International Association of Privacy Professionals 2005 Innovation Award; and attained incorporation of its principles into the agencies’ revision of privacy regulations.

Ms. Truong also has helped industry leaders prevail in other bet-the-company proceedings, including transformative rulemakings, consumer class actions, product launches, and multi-million/billion dollar outsourcing and partnering agreements, mergers and acquisitions.
 

SPEECHES & EVENTS

  • Moderator, "Regulatory Enforcement and Examination Roundtable: The View from Federal and State Agencies and Attorneys General on New and Emerging Initiatives, Enforcement Actions, Examination Procedures, and Investigations," ACI’s 29th National Conference on Consumer Finance Class Actions & Litigation, Chicago, IL, July 24, 2017
  • Panelist, “Federal Regulators Speak: Priorities & Coordination,” PLI 22nd Annual Consumer Financial Services Institute, New York, NY, April 27, 2017 
  • Speaker, “Future of the CFPB,” LexisNexis Webinar, December 14, 2016
  • Speaker, "Consumer Finance Class Actions and Enforcements," Cornerstone Research, Los Angeles, CA, November 9, 2016
  • Panelist, "Women Leaders in Government and Financial Regulation: Power, Progress, and Gender Politics in the Public Sector,"  American Conference Institute’s Women Leaders in Financial Services Law and Compliance, New York, NY, May 12-13, 2016  

PUBLICATIONS

  • "CFPB in Long-Haul Battle," Stroock Special Bulletin, February 14, 2017
  • "Election Implications for the CFPB," Stroock Special Bulletin, November 9, 2016
  • "D.C. Circuit’s PHH Ruling Reins in CFPB," Stroock Special Bulletin, October 12, 2016
  • "CFPB Issues Prepaid Cards Rule," Stroock Special Bulletin, October 5, 2016
  • "CashCall – A Court Win To Embolden CFPB Enforcement," Stroock Special Bulletin, September 2, 2016 
  • "Payment Processing Remains CFPB, Litigation Target," Law360, August 29, 2016
  • Co-author, "CFPB Proposes Amendments to TRID Rule," Stroock Special Bulletin, August 1, 2016
  • Co-author, "CFPB Proposes "Drastic Overhaul" of Debt Collection," Stroock Special Bulletin, July 29, 2016
  • "Buckle Up For CFPB Anti-Redlining Drive," Stroock Special Bulletin, June 30, 2016
  • Co-author, "CFPB Announces Proposed Rule Regulating Payday Lending," Stroock Special Bulletin,
    June 3, 2016
  • Co-author, "CFPB Publishes Long-Awaited Proposed Rule Precluding Class-Action Waivers in Arbitration Agreements," Stroock Special Bulletin, May 5, 2016
Quoted in:
 
  • "Opponents to Consumer Arbitration Rule Plan Repeal Effort," The Wall Street Journal, July 12, 2017
  • "New Rule: Consumers Can Bring Class Actions against Financial Institutions," The Los Angeles Daily Journal, July 11, 2017
  • "CFPB Bets Congress Will Let Arbitration Rule Slip By," Law360, July 10, 2017
  • "Q&A: Stroock’s Quyen Truong on High Court’s Debt Collection Decision," Reuters, June 15, 2017
  • "Trump’s Wall Street Game Plan Needs Players," The New York Times, June 13, 2017 
  • "DOJ Policy Change Could Impact Crisis Suit Payouts," DS News, June 8, 2017
  • "New Justice Settlement Guidelines Could Lower Bank Payouts," Law360, June 8, 2017
  • "What to Expect at Court Hearing on CFPB Constitutionality," American Banker, May 22, 2017
  • "U.S.-PHH Tag Team Raises Stakes in Test of CFPB’s Constitutionality," Bloomberg BNA, May 19, 2017
  • "Republican Threat to CFPB Rules May Mean Enforcement Boost," Bloomber BNA, May 12, 2017
  • "Time Running Out on Bid to Repeal Prepaid-card Rule," Bloomberg BNA, May 9, 2017
  • "CFPB Would Lose Powerful Legal Weapon under Republican Plan," Bloomberg BNA, March 3, 2017
  • "Hayashi's Take: CFPB's Budget Is a First Target," The Wall Street Journal, March 2, 2017
  • "Mnuchin Could Reshape Systemic Risk Designations," Law360, March 1, 2017
  • "Chastened FTC May Foretell Future of CFPB," Bloomberg BNA, February 24, 2017
  • "How the CFPB Constitutionality Case Will Play Out," American Banker, February 21, 2017
  • "Facing Trump, CFPB Picks Up Enforcement Pace," Law360, February 17, 2017
  • "The Watchdog Protecting Consumers May Be Too Effective," The New York Times, February 10, 2017
  • "CFPB Clearing Decks with Slew of Lawsuits as Cordray Battle Looms," American Banker, January 24, 2017
  • “Banking Litigation To Watch In 2017,” Law360, January 2, 2017
  • "Consumer Financial Protection Bureau Fights a Ruling on Its Constitutionality," The New York Times, November 18, 2016
  • "What President Trump Means for Regulation and Regulators," Compliance Week, November 15, 2016
  • "CFPB's Arbitration, Payday Plans May Be Derailed, Gutted," American Banker, November 14, 2016
  • "Trump Win Puts a Bullseye on Elizabeth Warren's Banking Watchdog," Bloomberg News, November 11, 2016
  • "U.S. Consumer Financial Agency Could Be Defanged Under Trump," Reuters, November 11, 2016
  • "Hayashi’s Take: Election Result Portends Existential Changes for CFPB; President-Elect Donald Trump Could Have the Chance to Oust Richard Cordray," The Wall Street Journal, November 10, 2016
  • "CFPB Director, Regulatory Agenda Likely to Be Reined In Under Trump," Bloomberg BNA, November 10, 2016
  • "CFPB's Prepaid Rule May Preview Checking Overdraft Fight," Law360, October 5, 2016
  • "In Afterglow of Wells Case, U.S. Consumer Agency Faces Fight for its Life," Reuters, September 15, 2016
  • "CFPB Wells Fargo Fine A Red Flag On Pay, Sales Plans," Law360, September 8, 2016
  • "'Mystery Shoppers' for Home Loans: CFPB Uses Undercover Techniques on Bank," The Wall Street Journal, August 18, 2016
  • "CFPB Uses "Mystery Shoppers" to Target Bank Lending Practices," PYMNTS.com, August 18, 2016
  • "'Mystery Shoppers' for Home Loans: Government Uses Undercover Techniques on Bank," Dow Jones Institutional News, August 17, 2016
  • "CFPB Winds Down Summer with Flurry of Rulemaking," Compliance Week, August 16, 2016
  • "New CFPB Rule Gives Servicers Just Enough Rope to Hang Themselves," National Mortgage News, August 16, 2016
  • "TRID 2.0 Proposed Rule Omits Any Additional Cure Provisions," Inside the CFPB, August 8, 2016
  • "TRID 2.0 Provides Guidance on Sharing Disclosures With Others," Inside the CFPB, August 8, 2016
  • "TRID 2.0 Contains No Additional Cure Provisions, Gives Guidance on Sharing Disclosures, Other Issues," Inside Mortgage Finance, August 5, 2016

ADMITTED TO PRACTICE

District of Columbia; Virginia


EDUCATION

J.D., Yale Law School, 1989; John M. Olin Fellow in Law, Economics & Policy

B.A., summa cum laude, Yale University, 1986; Phi Beta Kappa

 

PUBLICATIONS

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