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Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.
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This week I attended the RMAi Executive Summit and had the opportunity to meet with CFPB one-on-one to discuss the direction of the Bureau as Director Rohit Chopra enters into his second year leading the agency. A couple takeaways to note:
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We can expect the CFPB to take additional actions against individuals or take more drastic enforcement actions against repeat offenders. In the Associated Press article, Watchdog head: Fines may not stop bad behavior by companies the Director does not mince words stating; “the Consumer Financial Protection Bureau plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law.”
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On a more positive note, the CFPB did clarify during a panel discussion that the Advisory Opinion on Debt Collectors’ Collection of Pay-to-Pay Fees does not state that consumers who pay a fee directly to a payment processor is unlawful.
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The CFPB also made it very clear that they do not intend to insert themselves into the Hunstein case. This will only change, if we as an industry can evidence how this case is leading to consumer harm.
In addition to the CFPB looking to take a more aggressive approach against repeat offenders, the FTC signaled an increase in activity across the financial services market for unfair or deceptive practices.
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