CFPB Wants You To Know 'Responsible Conduct' Has Rewards
Law360, New York (March 20, 2015, 11:05 AM EDT) -- The Consumer Financial Protection Bureau recently entered into several public enforcement settlements that had the collateral effect of emphasizing the importance of the standards provided in the CFPB's so-called Responsible Conduct Bulletin.[1] The Conduct Bulletin describes how the CFPB may bestow benefits upon CFPB-regulated entities that comply with its guidelines after discovering and self-reporting violations of consumer financial protection laws. As demonstrated in a series of recent enforcement actions, these benefits include the elimination of or reduction in civil money penalties as well as the protection of the identity of a cooperating entity from being named in an enforcement action....
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