Talk on the street: CFPB monetary penalties for lenders
In a post on the Lenders Compliance Group's blog on Tuesday, rumors swirled that the Consumer Financial Protection Bureau will soon announce substantial monetary penalties and other administrative actions against a large nonbank.
The blog author, Jonathan Foxx, president and managing director of Lenders Compliance Group, notes that once such an announcement is made, panic will ensue. Foxx notes that this "means the nascent, CFPB exam preparation industry will receive a steroidal boost."
However, "Our industry is a strong bunch, survivors of the toughest real estate cycles, and accustomed to adapting to regulatory mandates. We have seen the largest fall and the lowest rise. We push back, when needed; and we push forward, when appropriate," Foxx writes. "We know that our industry is the backbone of the economy. Our future will not be compromised by cold sweat and consternation."
To read Foxx's full blog post asking how alarmed and apprehensive we should be, click here.