CFPB To Give Banks Early Warning Of Enforcement Actions

Law360, New York (November 7, 2011, 7:23 PM EST) -- The Consumer Financial Protection Bureau will provide advance warning of enforcement actions to financial firms under investigation for legal violations, the agency announced Monday.

Early warning notices will give suspected violators an opportunity to respond within two weeks of receiving notice and will be issued when investigations turn up evidence that an individual or financial firm is violating consumer protection laws, according to the CFPB.

Companies under investigation will be able to bring any relevant facts to the bureau's attention in their responses, and to make...
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