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Third-Party Liability Consumer Financial Protection Bureau (CFPB)

Carlton Fields

CFPB Issues New Manual for Company Responses to Detailed Consumer Complaints

Carlton Fields on

On May 15, the Consumer Financial Protection Bureau ("the Bureau") issued an updated Company Portal Manual (“the Manual”) containing new guidance and instructions for companies to respond to consumer complaints filed with the...more

Baker Donelson

Have You Checked Your Vendor Agreements Lately?

Baker Donelson on

In April 2012, the CFPB released a bombshell on financial institutions – not only could they be held responsible for any violations of consumer protection laws, but now they could also be held responsible for the actions of...more

Pillsbury - Global Sourcing Practice

The UDAAP Trap: Avoiding CFPB Penalties for Financial Institutions Using Third Party Services

In response to the financial crisis and recession in the United States that began in 2007, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (now commonly known as "Dodd-Frank"). Dodd-Frank...more

Troutman Pepper

The New Normal: Taking Responsibility for Your Vendors

Troutman Pepper on

As financial institutions continue to strive for reduced costs and greater efficiencies, they are increasingly turning to third-party vendors to handle a wide variety of tasks, from marketing and sales to payment processing....more

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