In a case that demonstrates the scope of the Consumer Financial Protection Bureau’s (“CFPB’s”) reach, the CFPB and Department of Justice (“DOJ”) have entered into a settlement with BancorpSouth totaling almost $10,600,000 over alleged redlining. Redlining is the practice of denying services or raising prices to residents of certain geographic areas based upon their racial
enforcement actions
Managing Litigation Risks in Third Party Technology Service Arrangements
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Posted in FDIC, Lender Liability
One of the biggest risk trends for banks to watch in coming years will be risks arising from the outsourcing of information technology. Banking supervisors as well as the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission have all brought enforcement actions related to vendor management. When relationships with IT vendors are not…