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201204 Cfpb Bulletin Service-providers

201204 Cfpb Bulletin Service-providers

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Published by Foreclosure Fraud
4closureFraud.org
4closureFraud.org

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Categories:Types, Research, Law
Published by: Foreclosure Fraud on Apr 14, 2012
Copyright:Attribution Non-commercial

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04/15/2012

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CFPB BulletiDate: AprilSubject: Servi The Consumnonbanks toensures cominterests of csupervisory a This Bulletin
Supervised ban 
 
Larg affili
 
Cert5514
Supervised serv 
 
Serviand
 
Servior s
Service provider 
 person that poffering or pservice.” (12person to wh
Federal consum 
(12 U.S.C. §
 A.
 
Service
 The CFPB redecision for soutsource ceproviders tofrom serviceinvestment.n 2012-0313, 2012ce Providers
 
er Financial Poversee theirliance with Fnsumers andnd enforcemuses the follo
s and nonban 
e insured deptes (12 U.S.Cin non-depos ).
ce providers 
ref ce providersce providersall insured cis generally drovides a matovision by suU.S.C. § 5481ich it provide
er financial law 
481(14)).
rovider Rel
cognizes thatupervised batain functionevelop andproviders tharotection Burbusiness relatederal consuavoid consunt authority  wing terms:
refers to thsitory institu. § 5515); anitory consumrs to the follo supervisedo a substantiedit unions (1efined in secterial service tch covered p(26)). A serviservices.is defined in
tionships
the use of seks and nonbto service parket additiowould not oeau (“CFPB”ionships wither financial ler harm. Till closely refollowing entions, large in er financial s wing entitiesbanks and nol number of 2 U.S.C. § 55
 
ion 1002(26)a covered prson of a coce providerection 1002(  vice providernks.
 
Supervioviders due tnal productstherwise be a ) expects supservice proviaw, which ise CFPB’s exlect this orietities supervisured credit urvices compasupervised bnbanks (12 Usmall insured16).of the Dodd-erson in connsumer finanay or may n4) of the Dos is often ansed banks ano resource cor services, oailable withorvised banksders in a manesigned to prcise of itstation and eed by the CFnions, and thnies (12 U.S.y the CFPB:.S.C. §§ 5515depository inrank Act asection with tial product ot be affiliateddd-Frank Actppropriate bnonbanks mnstraints, userely on expeut significantand
 
ner thatotect thephasis.PB:eir. §, 5514);stitutionsany e with thesinessay servicertise
 
 However, threlationshipresponsibility harm. A serv products or srequirementsconsumers a which it hasmay lie withprovider.
B.
 
 The CF
 Title X authononbanks fopurposes andidentified. Tisupervised seservice proviauthority ovecompliance The CFPB w providers as
C.
 
 The CF
 The CFPB emanaging thexpectationshas the relati To limit thesupervised barrangements These steps s
 
Conund

1
 
See 
,
e.g.
, subsFrank Act, 12
2
 
See 
12 U.S.C.
mere fact thith a servicefor complyinice provider tervices being carefully andd create potebusiness relahe supervise
PB’s Supervi
rizes the CFPcompliancealso to exerctle X also grarvice provideers on site.
1
 r supervised sith Title X’sill also exercisppropriate.
2
 
B’s Expect
pects supervirisks of servi
 
consistently,nship with aotential for snks and nonwith servicehould includeucting thororstands and is

ctions 1024(e),.S.C. §§ 5514§§ 5531(a), 55
t a superviserovider doesg with Federhat is unfamiloffered, or theffectively, ontial liabilitiestionship. Debank or non
sory Authori
B to examineith Federal cse its enforcents the CFPBs, which incl The CFPB w ervice providrohibition oe its enforce
tions
 sed banks ance provider regardless of service proviatutory or reanks shouldroviders do, but are not lgh due dilig capable of c

1025(d), and 1e), 5515(d), 556.
bank or nonot absolvel consumer fiiar with the lat does not mr that exhibitsfor both theending on thbank as well
ty Over Ser
and obtain ronsumer finament authorisupervisory des the authill exercise thers, including unfair, deceent authoritnonbanks tlationships.hether it is aer.ulatory violaake steps to
 
not present uimited to:nce to verify mplying wit
026(e), and se16(e), 5563, an
bank enters ihe supervisenancial law tgal requiremake efforts tweak internaservice provie circumstans with the su
ice Provider
ports from sncial law andy when violand enforcemrity to examifull extent oits authority tive, or abusagainst supehave an effehe CFPB wisupervised btions and relansure that thnwarranted rithat the serviFederal con
tions 1053 and 5564.
nto a businesbank or nonavoid consunts applicablimplement tl controls, cader and the ees, legal respervised servi
s
pervised banfor other relaions of the laent authority ne the operatif its supervisio examine foive acts or prrvised servicective processll apply thesenk or nonbated consumereir businesssks to consue providerumer financi
1054 of the D
 bank of ere to theoseharmtity withnsibility ceks andted w areoverions of nrctices.fork thatharm,ers.l law;
odd-

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