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.
You can read the CFPB’s guidance on the benefits for financial institutions that practice the four categories of responsible conduct here and read the rest of Mr. Gooch’s blog here.