CFPB To Hold Banks Accountable For Vendor Violations

Law360, New York (April 12, 2012, 6:29 PM EDT) -- The Consumer Financial Protection Bureau on Thursday said that banks and other institutions it regulates will be held responsible when companies they contract with violate consumer protection laws.

In a bulletin to regulated entities, the agency also laid out steps that regulated banks and nonbanks, including mortgage lenders, debt collectors and credit reporting companies, should take in order to make sure that their vendors are in compliance with consumer protection laws.

“Consumers must not be hurt by unfair, deceptive or abusive practices of service providers,” CFPB...
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