Announced in July of 2012, the CFPB’s first public enforcement action focuses on the practices of 3rd party providers. Through this initial action, the CFPB has made it clear that it holds institutions responsible for the behavior of 3rd parties that have direct contact with consumers. This underscores the need for greater due diligence in implementing and adhering to policies that protect companies from potential damaging business practices by their 3rd parties.
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Announced in July of 2012, the CFPB’s first public enforcement action focuses on the practices of 3rd party providers. Through this initial action, the CFPB has made it clear that it holds institutions responsible for the behavior of 3rd parties that have direct contact with consumers. This underscores the need for greater due diligence in implementing and adhering to policies that protect companies from potential damaging business practices by their 3rd parties.