New Year’s is a good time for a Consumer Financial Protection Bureau (“CFPB”) compliance tune-up. Providers of consumer financial products and services (“providers”) operate in a dynamic environment influenced by challenges to profitability and survival, increased focus on the consumer experience, industry consolidation, advancing technology, and changes in laws and regulations.
The CFPB, created by the Consumer Financial Protection Act of 2010 (“CFPA”), has open investigations in virtually all of the market areas under its jurisdiction, including such areas as depository institutions (with assets over $10 billion), nonbanks involved in private student loans, mortgage servicing, small dollar lending, debt collection, consumer reporting, consumer credit and related activities, money transmitting, check cashing and related activities, prepaid cards, and debt relief services. On top of this, the CFPB has a growing supervisory and examination program to compel and assess compliance with federal consumer financial laws.
In the first year and a half of its existence, the CFPB has issued a number of guides, reports, and bulletins and has brought several public enforcement actions that set forth its expectations for how providers should comply with federal consumer financial laws. Below we provide six simple practical tips to help keep your company running at peak performance and meet the CFPB’s expectations.
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