Banks Caught In Middle Of Regulators' Fair-Lending Pursuits
Law360, New York (November 8, 2013, 8:43 PM EST) -- Federal and state regulators are increasingly enlisting banks in their pursuit of fair-lending and other violations at payday and auto lenders and other financial services providers with which they do business, a tactic that has also increased banks' risk of penalties for conduct by third parties.
In late October, the Office of the Comptroller of the Currency was the latest to put out new guidance for banks' responsibility to monitor the activities of third-party vendors that perform operations on behalf of the bank. Other federal and state regulators have been calling on banks with growing frequency and force in recent years...
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