Over the last 12 months the Consumer Financial Protection Bureau (CFPB) has issued 8 consent orders to several notable lenders like Discover, JP Morgan Chase, American Express, Capital One and now Ocwen is faced with a 2 Billion dollar settlement for Inappropriate servicing practices.
“Deceptions and shortcuts in mortgage servicing will not be tolerated”, said CFPB Director Richard Cordray in a statement released 12/19/2013.
This is not an exhaustive list of actions taken, however; it is a strong indicator that 2014 should be a very busy year for the CFPB and the financial industry as a whole.
Fortunately, the forward thinking leaders at Control Solutions have been preparing for this over the last year and are ready to offer assistance with a wide and robust line of services specifically tailored to address the issues the CFPB are seeking to find.
We are currently engaged with a national lender helping them prepare a response for one of the first CFPB issued MOU’s, thus giving us a unique perspective and advantage over some of the other firms. We have been working diligently to develop a good relationship with this agency and to understand what the primary concerns are within a given financial service. This is the way we plan to provide our clients with the not only the most “up to date” and “recently experienced” staff, but the industry trends and how to avoid the pitfalls others are currently paying for.