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The Current Top 5 CFPB Concerns in the US

Congress created the Consumer Financial Protection Bureau (CFPB) with the 2010 passage of Dodd-Frank and gave it authority over mortgages, credit cards and other consumer financial products. The bureau is making a mark on the financial services landscape in the United States and, as with previous US regulatory actions, influencing the regulatory regimes of external jurisdictions such as the UK. This special report begins by outlining the similarities between the FCA in the UK and the CFPB in the US and then dives into the CFPB’s top concerns including a few that are particularly noteworthy for the UK firms.

The top 3 areas of focus for the CFPB are:

  1. Fair Practices in Collections
  2. 3rd Party Management
  3. Risk Management, Compliance and Controls

Various CFPB enforcement actions have included fines or required relief of up to $2 billion dollars as a result of non-compliance with regulations related to fairness, disparate impacts, illegal collections practices, and illegal foreclosures. While these levels of fines have not yet been seen in the UK, fines are increasing, and the FCA has made it clear that they want to apply substantive deterrents to ensure they are taken more seriously by financial institutions.

To learn more on the CFPB’s top focus areas as well as the outlook for the UK based on US experience, download the special report The Current Top 5 CFPB Concerns in the US.

Category: Compliance