Admit What You Did Wrong to Mitigate CFPB Enforcements

Is the CFPB taking a page from the NCAA?
Augusts’ National Mortgage News blog focused on how companies can best mitigate a CFPB examination, taking a page from a recent college football hiccup. Fred Gooch, general counsel and vice president of Compliance, identifies the Consumer Financial Protection Bureau’s (CFPB) four categories of responsible business conduct – self-policing, self-reporting, remediation and cooperation – as best practices companies should implement to help prepare for regulator interaction and alleviating the severity of potential violations.
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