Stinson Leonard Street Dodd Frank

MAKING SENSE OF DODD-FRANK

The Dodd-Frank Act has broad and deep implications that will touch every corner of financial services and multiple other industries. This site, developed and maintained by attorneys at Stinson Leonard Street, is dedicated to making sense of this complex legislation and helping businesses understand how it will affect them specifically. Our Bloggers »

Dodd-Frank

CFPB Issues Report Highlighting Supervision Activities and Compliance Expectations

by   |   November 1, 2012

The CFPB has issued a report highlighting its supervision activities.  The document does not refer to any specific institution, but according to the CFPB signals to all institutions the kinds of activities that should be carefully scrutinized for compliance with the law. The CFPB believes that the report will help providers of financial products and services better understand its supervisory expectations so that they can take action to comply with Federal consumer financial laws and serve their customers in a fair and transparent way.

For instance, the report notes “In the course of its supervisory activities, the CFPB has discovered numerous violations of Federal consumer financial law. In each case, it has directed the financial institution that committed violations to take corrective action. Where warranted, restitution or other relief to consumers has also been provided. As a result of CFPB supervisory activity, financial institutions have been directed to correct violations of a broad spectrum of Federal consumer financial laws and regulations. Examples of the types of violations detected through the CFPB’s review of financial institutions’ credit card, credit reporting, and mortgage origination activities are discussed [in the report]. In connection with these matters, the CFPB has confirmed that financial institutions have provided remedial relief to 1.4 million consumers, stopped illegal practices, adopted effective policies and procedures to ensure that violations do not recur, and implemented robust compliance management programs”.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.