Jeffrey P. Naimon quoted in HousingWire article, “The CFPB is coming for you: Here’s how to prepare”
HousingWireJeffrey P. Naimon
The HousingWire article, “The CFPB is coming for you: Here’s how to prepare,” quoted Jeffrey P. Naimon and provided coverage of his "Post-pandemic CFPB exam preparation" session at the Mortgage Bankers Association Spring Conference & Expo.
Naimon said that the Consumer Financial Protection Bureau is no longer “taking it easy” on consumer financial services providers firms in light of the pandemic, and that there is a “lower bar” for enforcement actions under the new administration. “They’re looking to pin some heads on the wall, to show that there’s a new cop on the beat. They want to make examples.”
He noted that firms may be relieved when the CFPB doesn’t turn up everything they could have, but urged caution: “The CFPB is not omniscient. Oh, we whistled past the graveyard on X or Y issue — it happens. But why not have a project to fix all those things you were worried they would find and didn’t? Because the next examiner may not miss it.”
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