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Volume 2014 - Number 22

June 6, 2014

CFPB Begins to Target Individuals in Crisis-Related Actions, Lessons Learned from Enforcement Cases

The Consumer Financial Protection Bureau’s effort to go after corporate executives in connection with its financial-crisis enforcement actions so far has led to 12 cases in which individuals were named as defendants or respondents. Individuals who have been included in CFPB complaints are primarily decision-makers or a party to the consumer transaction. Under the law, they include not only providers of consumer financial products or services, but also those with managerial responsibilities and a “material” participant in the transaction. Individual accountability is...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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