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CFPB orders bank to beef up third-party oversight
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Banking, Consumer Protection
Wednesday, October 1, 2014
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The Consumer Financial Protection Bureau fined a bank and ordered it to improve its oversight of third-party vendors after the agency determined that some consumers unfairly were charged for “add-on” identity protection and credit monitoring services they did not receive. The bureau’s order requires the bank to review its third-party risk management and responsible banking programs to ensure they meet certain minimum standards. Read on for the details.
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