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 this long-pondered question definitively. “Supervisory…

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 policies and procedures to ensure…

The CFPB is Upping Its Vendor Management Game

Like every other banking regulator, the CFPB requires the banks and nonbanks it oversees to have vendor management programs 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. The newly famous boat, named…

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 made clear in its October…

Surrogate Regulators: The Vendor Management / Fintech Connection

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

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 $73 billion-asset Navy Federal Credit…

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 made the mistake of failing…

Vendor Mistake Costs Bank $10 Million

Think your bank is compliant and following the law? You can’t be sure unless you’re closely monitoring your vendors. That’s…

CFPB Alert: Guidance on Preauthorized Debit Transactions

Right before the Thanksgiving holiday, the CFPB released a compliance bulletin reminding financial organizations of their responsibilities and obligations to…