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ARTICLE · 18 MARCH 2020

Supervision And Enforcement Considerations Under The New CFPB Initiatives

Arnold & Porter
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Perhaps most significant among the initiatives is that the CFPB amended and reissued its Responsible Business Conduct Bulletin, which was originally issued in 2013.

United StatesFinance and Banking
Richard Alexander
Richard Alexander
Christopher Allen
Christopher Allen
David Freeman, Jr.
David Freeman, Jr.
Michael Mancusi
Michael Mancusi
Charles Yi
Charles Yi
Brian McCormally
Brian McCormally
Kevin Toomey
Kevin Toomey
Kara Ramsey
Kara Ramsey
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On March 6, 2020, the Consumer Financial Protection Bureau (CFPB) announced three new initiatives that it intends to pursue to better protect consumers, including (1) an amended Responsible Business Conduct Bulletin, (2) a new whistleblower reward program, and (3) a new advisory opinion program. These initiatives provide industry participants with insight into the current CFPB leadership's vision for the future of the agency and are especially important for institutions that discover potential areas of noncompliance with consumer financial law or regulations or that find themselves in front of the CFPB's Supervision, Enforcement & Fair Lending Division.

Updated Responsible Business Conduct Bulletin. Perhaps most significant among the initiatives is that the CFPB amended and reissued its Responsible Business Conduct Bulletin, which was originally issued in 2013. The revised bulletin clarifies the CFPB's approach to responsible business conduct and details how certain

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