The latest corporate compliance news around the topic of Fair Lending. CFPB, DOJ, FTC – tools and insights to keep you out of these regulators’ crosshairs.
We might be in the middle of the longest federal government shutdown in United States history, but you can’t furlough justice. Yes, the Supreme Court is back in session. And if you run a business, work in the consumer finance industry, or just can’t get enough news about John Roberts, Clarence Thomas, RBG, and the […]
It’s that time again—time to play a round of Name That Regulator! Ready to play? Here’s your hint: This agency, which oversees the consumer financial services sector, recently got a new director who—despite criticism from consumer advocates and Democratic lawmakers—has continued to drive the agency’s mission forward. Can you guess which regulator I’m referring to? […]
![Stat of the Week: How State AGs Are Taking Over Consumer Finance Enforcement [Map]](https://compli.wpenginepowered.com/wp-content/uploads/2017/02/Stat-of-the-Week_blog_header-1024x682.jpg)
It’s only been 8 months since Richard Cordray stepped down as Director of the Consumer Financial Protection Bureau. For many of us, the “Cordray Era” of the CFPB (or the BCFP, as some have taken to calling it) feels like a distant memory. These days, the Bureau seems quieter, slower-moving, and less ambitious in terms […]
The appointment of Acting Director Mick Mulvaney has brought the Consumer Financial Protection Bureau back into the national spotlight. It almost feels like 2010 again, doesn’t it? In many ways, today’s political battles over the CFPB’s future echo the raging debates from 8 years ago—back in the early days of the Dodd–Frank Wall Street Reform […]
There’s at least one thing your bank, federal and state regulators, and board of directors agree on: better compliance does not equal more compliance. With that in mind, here are 4 essentials of compliance oversight. It can be easy to forget that the people making your life busy are very likely incredibly busy themselves. Whether […]
Don’t look now, but you’re being watched. Yes, the CFPB’s new enforcement philosophy has precipitated a wave of state consumer finance regulators who are, in some cases, just as aggressive as the feds ever were. There’s a swarm of government agencies and consumer watchdogs monitoring your financial services organization’s practices and compliance program. They’re scrutinizing […]
On the latest episode of the Smart Compliance Podcast, National Auto Finance Association’s Jack Tracey chats with us about the single most important thing finance companies need to be on top of right now. Listen in… More of a reader than a listener? Here are some notable highlights: Timestamp:0:50 A caution though I think to […]
Our upcoming webinar with the American Financial Services Association is just a week away! In Regulatory Alphabet Soup: As the CFPB evolves, who’s watching lenders now?, fair lending compliance experts from AFSA and Compli will be discussing one of the industry’s favorite subjects (read that with as much sarcasm as you please): the Consumer Financial […]
The CFPB and other regulators expect an organization’s board of directors to have oversight over the organization’s compliance management system. Here’s why the buck stops with the board—and what it really means for a “buck” to stop. “The buck stops here.” The saying, famously emblazoned on a sign President Truman kept on his desk, has […]
Any effective compliance program requires executive oversight. And we’re not just talking about passive, infrequent observation. As we explored in Part 1 of this article, state and federal regulators such as the Consumer Financial Protection Bureau require specific actions of organizational boards, including, among other things, appointing a qualified and experienced chief compliance officer who […]
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