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Compensation and Compliance Matters: CFPB Enforcement Action Trends to Watch Closely

proactive-traffic-sign-foto-250The Consumer Financial Protection Bureau released a supervision report in March that highlighted the agency’s enforcement action and other supervisory activities between July 2014 and December 2014. The CFPB noted that its supervisory activities during this period resulted in remediation to consumers in the amount of $19.4 million. The CFPB also identified the five main issue areas and trends of supervisory activity during this period. These identified areas of supervisory activity indicate the CFPB’s priority areas for review and enforcement. Notably included are Unfair, Deceptive, or Abusive Acts or Practices issues, handling and tracking of consumer disputes and complaints; LO compensation, and weak compliance management systems resulting in technical disclosure and advertisement violations and fair lending. The CFPB is signaling that it will continue to actively enforce and regulate all subject matter areas under its purview. Click here to read the entire article on National Mortgage News.  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA