The CFPB today announced a new policy that may give people under investigation by the CFPB a chance to respond early in an investigation.
The Consumer Financial Protection Bureau (CFPB) today outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice process allows the subject of an investigation to respond to any potential legal violations that CFPB enforcement staff believe have been committed before the Bureau ultimately decides whether to begin legal action.
“The Early Warning Notice announced today strikes a balance between the goal of fairness to those being investigated and our mission to protect consumers,” said Raj Date, Special Advisor to the Secretary of the Treasury for the CFPB. “This process will help us fulfill our commitment to transparency in enforcing the law.”
The Early Warning Notice process is modeled on similar procedures that have been successful at other federal agencies. It begins with the Office of Enforcement explaining to individuals or firms that evidence gathered in a CFPB investigation indicates they have violated consumer financial protection laws. Recipients of an Early Warning Notice are then invited to submit a response in writing, within 14 days, including any relevant legal or policy arguments and facts.
The CFPB is the first agency whose mission is ensuring that consumer financial markets work for American families. The Bureau has the authority to enforce consumer financial laws and to supervise the nation’s largest banks, thrifts, credit unions, and certain other entities offering consumer financial products and services that collectively interact with the majority of consumers in the United States.
Sample Early Warning Notice
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.
- Plastic Pandemic: US Credit Card Debt Surges Nearly 20% in Q1 2021! - May 12, 2023
- The IRS Resumes Collections Notices: What You Need to Know Before It’s Too Late - May 12, 2023
- How Can I Deal With Payday Loan Debt? - May 12, 2023
Still no head at the table… source yahoo finance
Senate Republicans on Thursday blocked President Barack Obama’s choice to head the new consumer protection agency that was designed to help curtail the excesses and abuses that led to the financial meltdown.
Republicans presented a near-solid front in filibustering the nomination of former Ohio attorney general Richard Cordray to be director of the Consumer Financial Protection Bureau. The agency was an essential element of legislation enacted last year to overhaul the financial system.
Only one Republican voted to advance the nomination. The 53-45 vote was short of the 60 needed to overcome GOP opposition.