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.