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“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
CFPB’s ‘UDAAP’ Approach Is an Ambiguous Compliance Concern
Image: “Unfair and deceptive practices” have long been an enforcement area for consumer protection. Now the Consumer Financial Protection Bureau is adding an A for “abusive”—and taking away clarity for financial firms about what its UDAAP standard exactly means. “There is no list of clear black-and-white rules, and that’s what ...
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Article
Four Years On, Firms Still Struggle With CFPB Compliance
What have we learned in the four years the Consumer Financial Protection Bureau has been on the beat? For starters, it’s aggressive, returning $10 billion so far to consumers through enforcement actions. A solid understanding of the CFPB’s compliance program expectations remains elusive, and the mood among firms in the ...
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News BriefCFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
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News BriefCFPB sues Capital One over 'cheating' customers on savings account interest rates
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.