The New Paradigm In Vendor Management Under CFPB

Law360, New York (October 19, 2015, 3:40 PM EDT) -- John P. Barnes

Jessica Hinkie This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau, a period marked by sweeping changes to the regulatory and administrative environment in which financial institutions in this country operate, not least in regard to their relationship with the third-party vendors that routinely aid them in providing financial products and services to consumers. Title X of the Dodd-Frank Act authorizes the CFPB to (a) obtain and examine reports from supervised banks and nonbanks for compliance with federal consumer financial law "and for other related purposes," and to exercise enforcement authority...

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