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Home » Store » Supervision & Examination » The Latest in Compliance: L.O. Comp Rule Seems to Work. Still, Document Everything

The Latest in Compliance: L.O. Comp Rule Seems to Work. Still, Document Everything

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Supervision & Examination

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There has not been a lot of recent enforcement activity from the CFPB in terms of its loan originator compensation rule, but industry participants shouldn’t get complacent, according to some top compliance professionals. “We’ve seen the bureau say a couple different times that this is going to be a priority, and they’ve put out a few bulletins on this rule. But we’ve seen very little enforcement activity in this space,” said Maria Earley, a partner with the Reed Smith law firm in Washington, DC, during a panel discussion at the American Bankers Association’s 2017 regulatory compliance conference, held last month in Orlando.That being said, compliance professionals must not let their guard down. “Document everything. Step through with the regulators ...
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