Is an inquiry considered a complaint? How severe does the complaint have to be to log it in your complaint tracking system? The short answer: Everything should be considered a complaint, better safe that sorry! This week, the “A” in our Q&A comes to us courtesy of Michael Benoit and Wendy MIller. Michael Benoit, Partner […]
The latest corporate compliance news around the topic of CFPB Compliance. Tools and insights to keep you out of the regulator’s crosshairs.
Following Director Richard Cordray’s exit last month, the Consumer Financial Protection Bureau has been the predominant topic of discussion in the workforce compliance world. Questions abound: Who has rightful authority as Cordray’s successor—acting director Mick Mulvaney or deputy director Leandra English? Where would each potential leader steer the agency? Will efforts to roll back or […]
Lucy Morris from Hudson Cook stopped by to reflect on Richard Cordray and she thinks might be in the future for the CFPB. Richard Cordray announced this week that he plans to step down as head of the Consumer Financial Protection Bureau. I worked with Rich to stand up the Bureau and as a Deputy […]
Having a robust compliance program is smart business. It’s also required by regulators like the CFPB as part of your CMS. But if your compliance program relies on policies, processes, and trainings that are outdated or not fully utilized, you’re effectively in the same position as a company with no program at all. It’s time […]
Last month, the Consumer Financial Protection Bureau finalized a regulation that provides more protection to consumers who take out short-term, unsecured loans, often referred to as “payday loans.”
Can you remember the last time you conducted an audit of your organization’s workforce compliance program? If you can’t remember, or if you’ve never gone through an audit, your financial services company could be in serious trouble.
Regular readers of our blog are no doubt aware of this already, but in case you’re new to the consumer lending industry—or just returned from a year-long expedition through the jungles of Borneo—there’s something of a war going on between lawmakers and lenders over the future of the Consumer Financial Protection Bureau.
Tom Hudson and Eric Johnson from Hudson Cook stopped by the Smart Compliance Blog to chat about the future of the CFPB. On June 8, the U.S. House of Representatives passed House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) Financial Choice Act of 2017 by a vote of 233-186. The vote was straight down party lines, except […]
Audit. Yuck. Along with “bankruptcy,” “lawsuit,” and “cyberattack,” “audit” is one of those words that can instantly raise a consumer finance executive’s blood pressure. Even if the thought of an audit doesn’t cause agita or insomnia, it tends to elicit a grimace. No one wants to undergo an audit. At best, it takes away precious […]