Posts Tagged ‘CFPB’
Deregulatory Bluster at CFPB
I didn’t expect to write another post so soon on the deregulatory shenanigans of the Trump Administration and the implications for compliance officers, but already we have an example too perfect to ignore: the Consumer Financial Protection Bureau, and the deep freeze that agency entered this weekend. In case you missed it, on Saturday night…
Read MoreA Telling Move by CFPB
Compliance officers who want to skate where the puck is going to be, cast your eyes to the Consumer Financial Protection Bureau. Last week the agency warned companies to tread carefully when using artificial intelligence and other digital tracking to make employment decisions, and in doing so dropped two telling hints about the future of…
Read MoreFifth Third Bank Settles Bogus Accounts Mess
Fifth Third Bank has agreed to pay a $20 million fine and to overhaul its employee performance management practices, to settle a long-running lawsuit that workers were opening fake accounts without customer permission to meet sales goals and that they were saddling auto-loan borrowers with insurance the borrowers didn’t need. The Consumer Financial Protection Bureau,…
Read MoreA $12M Lesson on Data Analytics
The Consumer Financial Protection Bureau has fined Bank of America $12 million for failing to supply accurate data about home mortgage applications, in a case that provides some fascinating lessons about the importance of data analytics and auditing your compliance program. The CFPB announced its enforcement action on Tuesday, and at first glance the case…
Read MoreCFPB Warning on Data Protection
The Consumer Financial Protection Bureau has issued a fresh warning to financial firms that they must keep customer data safe, and cited three specific cybersecurity controls as measures that firms should implement if they want to avoid liability under federal consumer protection law. The CFPB fired its warning shot on Thursday afternoon in the form…
Read MoreCFPB Offers Clues on Diversity Programs
Ethics and compliance professionals looking for guidance about how to develop diversity efforts might want to visit the Consumer Financial Protection Bureau. The CFPB just published a report reviewing diversity efforts at financial firms and how the agency will assess those efforts in the future. Financial regulators are obligated to assess the diversity policies and…
Read MoreCFPB Warns on ‘Revolving Door’ Misconduct
Some interesting news for any compliance professionals who recently worked at the Consumer Financial Protection Bureau: the agency’s new director is warning current employees to be more cautious about talking with former employees and to watch for “revolving door misconduct.” The message came from Rohit Chopra, the CFPB’s decidedly enforcement-minded director, who took office last…
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