The latest corporate compliance news around the topic of CFPB Compliance. Tools and insights to keep you out of the regulator’s crosshairs.
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 […]
Should consumer finance companies be allowed to use contracts to guard themselves against class-action lawsuits? Before last week, relatively few people outside of the industry felt one way or another.
We’ve said it before and we’ll say it again: to understand the CFPB, you need to understand another acronym—UDAAP. The Consumer Financial Protection Bureau exists, in large part, to guard consumers against what regulators deem “unfair, deceptive, or abusive acts and practices.” To that effect, half of the enforcement matters that the CFPB has made […]
You already know what happens when you assume. (Or at least I’m assuming you do—so what does that make me?) In terms of fair lending compliance, however, there’s a much greater price to assumption: a Consumer Financial Protection Bureau enforcement action.