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Tag Archives: Peggy Twohig

The Consumer Financial Protection Bureau (CFPB) Is Clear: You Can’t Outsource Responsibility

Federal regulators have demonstrated through recent regulatory guidance and enforcement actions that financial institutions are responsible for managing third party service providers’ activities. Recently, Peggy Twohig, the CFPB’s Assistant Director for Nonbank Supervision, went a step further, indicating that if a service provider is not meeting regulator expectations, a financial institution should renegotiate or even sever the relationship. This means ... Read More »