Tag: cfpb

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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…

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The CFPB is Upping Its Vendor Management Game

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

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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.…

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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…

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Surrogate Regulators: The Vendor Management / Fintech Connection

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

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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…

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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…

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Vendor Mistake Costs Bank $10 Million

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

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CFPB Alert: Guidance on Preauthorized Debit Transactions

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