If you’re reading this article, you’ve probably heard about the Consumer Financial Protection Bureau’s small dollar lending proposal. But if you’ve somehow missed the most controversial news item in the finance industry this year, here’s what you need to know:
Author: Brian Larson
About Brian Larson
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We can all agree that a compliance management system (CMS) is an absolute necessity. With continual growth of regulations, rule expansion, and federal and state laws — not to mention increased regulatory oversight — workforce compliance is becoming more complex every day.
Here’s this week’s compliance question: How can an automated CMS take into account all the regulations we deal with both nationally and state to state?
Two case studies of CFPB violations that everyone can learn from What happened? American Express fined $27.5 million and ordered to pay $75 million in restitution to consumers. Citibank is given a $35 million penalty and $700 million restitution.
We’re starting out 2016 with a new weekly feature, the Compliance Quick Q&A. Each week we’ll take questions from our readers and pose them to our collection of really smart people. Let’s start of with this great question: