Awareness is the new buzz word. In the CFPB world, it’s important we all have “Awareness” about how our world has changed, and in our upcoming TRID world, we will have even more changes. There is a lot to learn about this new world. Here is another little piece:
Did you know that the first significant change to our world came from the CFPB Bulletin 2012-03, issued on April 13, 2012. The CFPB has a bit of a sense of humor to put this out on Friday the 13th. Most definitely the scariest thing that has ever happened to our industry.
The Bulletin provides that lenders may be held legally responsible for the actions or inactions of their service providers where consumers are harmed as a result of the service provider failing to comply with consumer financial law.
Did you know WFG is considered a service provider required to comply with federal consumer financial law?
This is why it is important that we are compliant with our policies and procedures, and why we have internal controls and ongoing monitoring to make sure we are compliant. For more information please go to: