Four dealerships are in trouble with federal regulators for violating fair lending laws by, among other things, allegedly embellishing consumers’ income and creating misleading ads. …Wait, what is this, a news flash from 2015? Didn’t Congress nix the Consumer Financial Protection Bureau’s auto lending guidelines? Isn’t Director Mick Mulvaney pulling the CFPB away from dealers? […]
Changes may be afoot at the Consumer Financial Protection Bureau but that doesn’t mean lenders are off the hook for compliance. Quite the opposite. The FTC, State AGs…there’s an alphabet soup of institutions poised to fill any vacuum left by changes at the CFPB. Join compliance industry veterans Brian Larson of Complí and Michael Benoit, […]
Changes may be afoot at the Consumer Financial Protection Bureau but that doesn’t mean lenders are off the hook for compliance. Quite the opposite. The FTC, State AGs…there’s an alphabet soup of institutions poised to fill any vacuum left by changes at the CFPB. Join compliance industry veterans Brian Larson of Complí and Michael Benoit, […]
Read this FTC case study, then look at your cyber security policies and ask: How do you ensure employees are trained on and follow the policy? In data security and privacy efforts, the details make all the difference. Take a look at the following privacy policy and see if anything stands out to you: We restrict […]
It’s a new day at the Consumer Financial Protection Bureau. Under Mick Mulvaney, the CFPB appears to have pulled back from its formerly aggressive enforcement style, emphasizing, in the Acting Director’s words, “quantifiable and unavoidable harm to the consumer” rather than “excuses to bring lawsuits.” But as lenders know, there’s a big difference between soundbites […]
“The single most important thing a finance company needs to be on top of is the complaint management system. That’s the pulse of what’s going on in your company.” according to Jack Tracey, Executive Director of NAF. Get an even broader pulse on the industry overall by checking out the results from The FTC’s annual consumer […]
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 […]
Changes may be afoot at the Consumer Financial Protection Bureau but that doesn’t mean lenders are off the hook for compliance. Quite the opposite. The FTC, State AGs…there’s an alphabet soup of institutions poised to fill any vacuum left by changes at the CFPB. Join compliance industry veterans Brian Larson of Complí and Michael Benoit, […]
What keeps a regulatory attorney up at night? Host Kynzie Sims posed that question to our friend and collaborator Eric Johnson during a recent episode of the Smart Compliance Podcast. The two chat about the compliance issues Eric wishes more organizations looked out for. KYNZIE SIMS: Are there compliance issues that keep you up at night? ERIC […]
Remember the Equifax breach last year? The one in which cyber criminals gained access to the sensitive data of 143 million Americans—over half of the U.S. adult population? The one that led millions of those millions to freeze their credit files? The one that caused Equifax CEO Richard Smith to resign? Yeah, maybe don’t count […]
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