Tag: cfpb

Laws vs. Regulations vs. Guidance: New Interagency Statement Provides Clarification

Ever wonder whether guidance was a suggestion or mandate? The federal banking agencies have answered…

Déjà vu: Wells Fargo Can’t Stay Out of Trouble

After its account-opening scandal last year, you’d think Wells Fargo would have examined all its…

The CFPB is Upping Its Vendor Management Game

Like every other banking regulator, the CFPB requires the banks and nonbanks it oversees to…

Lessons from the CFPB: Why It’s a Bad Idea for a Banker to Name His Boat Overdraft

Gary Hart had Monkey Business. Now former TCF National Bank CEO William Cooper has Overdraft.…

One Size Doesn’t Fit All – Updated Guidance from CFPB on Third-party Service Providers

Not every third-party vendor requires the same level of scrutiny, the Consumer Financial Protection Bureau…

Surrogate Regulators: The Vendor Management / Fintech Connection

If you build it, they will regulate it—but should they? That’s a question financial institutions…

Losing Control: Poor Compliance Controls Lead to $28.5 Million in Fines and Redress for Navy FCU

Empty threats are rarely a good idea—and sometimes they are straight-up illegal. That’s the lesson…

Three Years and Many Millions Later: Paying the Price When a Vendor Fails to Deliver

There is such a thing as too little, too late—especially if you’re a bank that…

Vendor Mistake Costs Bank $10 Million

Think your bank is compliant and following the law? You can’t be sure unless you’re…

CFPB Alert: Guidance on Preauthorized Debit Transactions

Right before the Thanksgiving holiday, the CFPB released a compliance bulletin reminding financial organizations of…