Enhancing CFPB Transparency For Enforcement Targets

Law360, New York (December 13, 2011, 12:53 PM EST) -- On Nov. 7, 2011, the Consumer Financial Protection Bureau announced its intent to implement an early warning notice process to provide subjects of potential enforcement action, with notice of the possible action, and an opportunity to submit a written response before the CFPB initiates enforcement action.[1]

The bulletin represents a significant step by the CFPB toward promoting an atmosphere of open communication, fairness and transparency with respect to the entities subject to its supervisory and enforcement authority; however, the new process also presents potential regulatory risks...
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