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Attention on vendor risk management in the non-bank lending space is increasing.
With so much focus on the Consumer Financial Protection Bureau (CFPB) and their ongoing enforcement of UDAAP violations, you need to be better prepared than ever.
The consumer financial protection bureau set clear expectations regarding third party oversight in their CFPB Bulletin 2012-03 and offers a slight twist to the traditional oversight guidance offered by other key regulators.
Since the “bureau” has the mission of protecting consumers from financial harm, the oversight requirements are aimed at ensuring that oversight of supervised entities is focused on the mindset that the third parties may negatively impact the financial well-being of the consumer.
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