The Consumer Finance Protection Bureau isn’t the only regulator keeping watch over your finance company—far from it. Much like the Justice League (or the Legion of Doom), there’s a multitude of federal agencies, such as the Department of Justice, the Federal Trade Commission, the Federal Deposit Insurance Corporation, and the Department of Housing and Urban Development, that use their own unique tools and abilities to pursue a shared set of objectives.
When those objectives include holding executives individually accountable for their organizations’ wrongdoing, corporate leaders need to understand what’s at stake. Take a look at the penalties and payments the CFPB has brought against consumer finance companies in 5 short years:
1 Mayer Brown, Consumer Financial Protection Bureau Five-Year Retrospective, 2016
Now, multiply these statistics by the number of authorities with Fair Lending oversight. See what other agencies and stakeholders are paying attention to your compliance program.
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