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CFPB updates responsible conduct bulletin between enforcements
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Consumer Protection
Friday, March 13, 2020
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In between issuing a pair of enforcement actions against banks which appeared to take proactive steps to remediate customer harm alleged by the Consumer Financial Protection Bureau (CFPB) in lawsuits, the agency announced it was updating guidance on self-reporting.
The CFPB issued an update to its 2013 bulletin which identified several activities that individuals or businesses could engage in that could prevent and minimize harm to consumers, referring to these activities as “responsible conduct.”
Read on for details of the updated bulletin, as well as reaction from the industry.
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