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Responsible conduct: Some firms wary of self-reporting to CFPB
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Consumer Protection
Tuesday, April 8, 2014
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Last year, the Consumer Financial Protection Bureau released a bulletin explaining that firms that self-report violations and engage in other “responsible conduct” may receive favorable treatment when the agency considers potential enforcement actions or civil penalties. CFPB Deputy Director Steven Antonakes highlighted the bulletin’s potential for enhancing regulatory compliance during the Consumer Bankers Association’s recent CBA Live conference in Washington, D.C. However, a former bureau insider says many institutions are fearful of self-reporting to the CFPB. Read on to learn about the responsible conduct bulletin and the self-reporting issue.
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