Debt Relief Company Officers to Face More Personal Liability From CFPB

Indications out of the CFPB are that the agency plans to go after individuals in enforcement actions and not just companies.

“In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority.”

The same report stated that Mr. Cordray had also indicated that the CFPB is now seeking admissions of wrongdoing from enforcement targets.

Reuters reported: The head of the top U.S. consumer financial watchdog said his agency is committed to going after individuals, not just companies, when it punishes wrongdoers, reflecting a broader effort among enforcement officials to ensure penalties have real bite.

“I’ve always felt strongly that you can’t only go after companies. Companies run through individuals, and individuals need to know that they’re at risk when they do bad things under the umbrella of a company,” Cordray said.

Just something to keep in mind.

Sincerly,


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