This past November, in the wake of the Wells Fargo debacle, the CFPB issued a Compliance Bulletin which addressed employee incentives and the consumer risks associated with them. CFPB Compliance Bulletins are non-binding...more
1/10/2017
/ Auditor Independence ,
Board of Directors ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Corrective Actions ,
Employee Incentive Plans ,
Employee Monitoring ,
Employee Training ,
Internal Audit Functions ,
Oversight Committee ,
Policies and Procedures ,
Wells Fargo
The Department of Justice has entered into a proposed consent order with two Ohio based banks resolving allegations that the banks engaged in a pattern or practice of redlining in their mortgage lending practices by...more
1/4/2017
/ Banks ,
Compliance Management Systems ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fair Lending ,
HMDA ,
Mortgage Lenders ,
Race Discrimination ,
Redlining
The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more
12/28/2016
/ Advertising ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Document Retention Policies ,
Dodd-Frank ,
Employee Training ,
Enforcement Actions ,
MAP Rule ,
Mortgage Lenders ,
Remediation ,
Reverse Mortgages ,
Unfair or Deceptive Trade Practices
The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more
11/11/2016
/ Audit Policies ,
Automotive Loans ,
Board of Directors ,
Compliance ,
Compliance Management Systems ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Debt Collection ,
Fair Lending ,
Internal Controls ,
Mortgage Lenders ,
Policies and Procedures ,
Policy Statement