Compliance Consumer Financial Protection Bureau

Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory... more +
Compliance programs typically refer to formalized institutional procedures within corporations and organizations to detect, prevent and respond to indvidual and widespread instances of regulatory violations.  In response to many corporate scandals evidencing rampant unethical business practices, many nations, including the United States, began passing strict regulatory frameworks aimed at curbing these abuses. Notable pieces of legislation in this area include the U.S. Foreign Corrupt Practices Act (FCPA), Sarbanes-Oxley (SOX), and the U.K. Bribery Act, to name a few. The foregoing statutes and the severe penalties often associated with them form the basis of many modern institutional compliance programs. less -
News & Analysis as of

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAP

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider...more

Supervisory Haiku-lights, Summer 2015

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

CFPB Proposes to Extend Know Before You Owe Rule Compliance to October

On June 24 the CFPB published its proposed rule for extending the effective date for implementation of the Know Before You Owe Rule to October 3, 2015. The public has until July 7...more

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

A Look Behind The Compliance Headlines

In this Presentation: - Agenda - CFPB – Approach to Regulation - CFPB – Hot Mortgage Topics - Genuine Title, LLC, et al. - New Day Financial, LLC - American Preferred Lending, Flagship...more

CFPB Releases its Third Fair Lending Report to Congress

On April 28, 2015, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), established in 2010 by The Dodd-Frank Wall Street Reform and Consumer Protection Act, issued its third Fair Lending Report (the “Report”)...more

CFPB announces proposals for limiting activities of payday lending market participants and other lenders: 6 questions answered

The CFPB has released proposals for a future payday loan rulemaking that will have a far-reaching impact on the $46 billion payday loan industry and on other markets. Under its proposals, the CFPB is offering industry...more

CFPB Takes Action for Deceptive Advertisement of "Free Checking"

Although the CFPB has focused its rulemaking and enforcement actions on mortgage servicing and lending, it recently entered into a consent order with M&T Bank regarding the deceptive advertising of free checking. The...more

OIG identifies five major CFPB management challenges

The joint Federal Reserve/CFPB Office of the Inspector General (OIG) recently issued its first listing of “major management challenges” facing the CFPB. These challenges represent what the OIG believes to be “the areas that,...more

CFPB Finalizes Rule To Limit Relief From Annual Privacy Notice Delivery Requirements

On October 20, the CFPB finalized its amendment to Regulation P, which requires that financial institutions meet specific consumer data-sharing requirements, including the delivery of annual privacy notices. Under the new...more

OIG Outlines Major CFPB Management Challenges

The Office of Inspector General, or OIG, of the Board of Governors of the Federal Reserve System has issued its first listing of major management challenges facing the CFPB. These challenges represent what OIG believes to be...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

CFPB Proposes No-Action Letter Policy for Innovative Products

The Consumer Financial Protection Bureau has proposed a no-action letter policy under which the agency would issue letters stating that its staff “has no present intention to recommend initiation of an enforcement or...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

Regulators Approve Securitization Risk Retention Rule

Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street...more

CFPB Proposes No-Action Letter Policy for Innovators

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would...more

CFPB Proposes Changes to TILA-RESPA Integrated Disclosures Rule

The CFPB has issued two proposed changes to the TILA-RESPA Integrated Disclosures Rule (Final Rule) that will be effective for applications received on or after August 1, 2015: (1) an adjustment to the timing requirement for...more

Financial Services Bulletin: Action at Federal Agencies

The Federal Reserve Board Proposes Repeal of Unfair or Deceptive Acts Rules - On Friday, August 22, 2014, the Federal Reserve Board (the "Board") requested comments on its proposal to repeal its Regulation AA, which...more

CFPB to hold Oct. 8 forum on checking account screening policies and practices

The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

CFPB enforcement head underscores CFPB’s limited use of “abusive ” prong of UDAAP

Tony Alexis, the head of enforcement at the CFPB, spoke today in Chicago at a program sponsored by the Committee on Consumer Financial Services at the American Bar Association Section of Business Law’s Annual Meeting. The...more

What’s Unfair is Unfair: Repeal of Reg AA May Have Little Practical Effect

The Federal Reserve Board (Board) issued a notice of proposed rulemaking on August 22, 2014 (Notice) for the repeal of Regulation AA, which is the Board’s credit practices rule prohibiting certain unfair or deceptive acts and...more

CFPB issues bulletin on UDAAP risks in marketing credit card promotional APR offers

The CFPB has issued a bulletin warning credit card issuers that offer certain promotional APRs of the risk that they may be engaging in deceptive and/or abusive acts or practices when making solicitations for such offers even...more

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

CFPB Opens Door for Prepaid Card, Nonbank Product Complaints

Expanding its collection of consumer complaints, the Consumer Financial Protection Bureau (CFPB) announced that it will now accept complaints regarding prepaid cards – including gift cards, benefit cards, and general purpose...more

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