Braden Perry, partner at Kennyhertz Perry, LLC, recently provided tips on dealer compliance with the Center for Auto Finance Excellence. Complaints to the lender “should be logged and kept as part of their books and records, and the lender should request review of these complaints regularly as part of their compliance program,” he says. And if a regulator comes calling, including the Consumer Financial Protection Bureau, “it is imperative that the lender can provide information in a clear and efficient manner and be able to defend its compliance plan and convey to the regulators that it reviews its dealers and takes consumer protection seriously.”
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Act) established the Consumer Financial Protection Bureau (CFPB) and authorizes it to supervise certain consumer financial services companies and large depository institutions and their affiliates for consumer protection purposes. The CFPB has been charged with implementing and examination for compliance with Federal consumer finance law.
The CFPB also has extensive authorities to not only investigate violations of federal consumer protection laws but also implement broad enforcement relief.
Braden Perry recently spoke at the Lend360 conference in New Orleans, discussing innovation and regulation in the peer-to-peer lending space. Topics included the evolving regulation and consumer protection issues facing peer-to-peer lenders. To view the Powerpoint, please visit: http://www.lend360.org/akdejbuehflridbkvx/ Kennyhertz Perry is a business and litigation law firm dedicated to serving regulated businesses and entrepreneurs. The
Discontent with the U.S. financial sector is on the rise (again), according to an article on the Service Insights Blog, after a recent American Enterprise Institute study revealed that government employees of regulators like the Consumer Financial Protection Bureau make more than double the salaries of the bankers they seek to regulate. Using data from
Customer Expressions, the training team for I-Sight Investigative and Case Management Software, recently turned to Braden Perry, a veteran government investigation and regulatory compliance attorney, to discuss the critical steps to Consumer Financial Protection Bureau (CFPB) compliance. The full article is provided below:
With the deadline looming for financial institutions to comply with the regulations set out by the Consumer Financial Protection Bureau (CFPB), financial services providers are (or should be if they aren’t) working hard to get their ducks in a row in time. CFPB compliance has become a burning issue.