FHFA Inspector General Emerging as Key Enforcement Player: What to Expect in 2014
Bloomberg BNAAndrew W. Schilling
These days, there is certainly no shortage of investigators, auditors, regulators, and prosecutors inundating the financial services industry with audits, inquiries, civil investigative demands, and subpoenas. Some of these inquiries, such as audits by an entity’s regulator, are familiar territory, and companies know the drill in responding to them. What companies find more unnerving is the unfamiliar, such as Civil Investigative Demands from the Consumer Financial Protection Bureau (CFPB) or subpoenas from the New York State Department of Financial Services (DFS). These entities didn’t even exist five years ago, and companies and their counsel are only now beginning to understand the expectations of these relatively new players in the enforcement space.
Originally published in BNA's Banking Report; reprinted with permission.