CFPB to Hold Lenders Responsible for Third Party Actions

Washington, DC – May 10, 2012 – Vendor due diligence and lender responsibility for the actions of third parties used by their contractors was highlighted In an announcement made last month by the Consumer Financial Protection Bureau (CFPB). This statement confirms the course of action that may be utilized by the CFPB to regulate the repossession industry as well as all lending service providers.

“April 13, 2012 – The Consumer Financial Protection Bureau (CFPB) today released a bulletin clarifying that financial institutions under Bureau supervision may be held responsible for the actions of the companies with which they contract. The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur. 

Read More!

Print Friendly

Tags: , , , , , , , , , , , , ,

Comments are closed.

60 visitors online now
48 guests, 12 bots, 0 members
Max visitors today: 99 at 11:47 am UTC
This month: 138 at 08-04-2017 10:22 am UTC
This year: 138 at 08-04-2017 10:22 am UTC
All time: 307 at 07-02-2014 03:18 pm UTC
Skip to toolbar