Consumer Financial Protection Bureau warned the financial industry of third-party vendors such as Lender Processing Services, Foreclosure Mills

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Consumer Financial Protection Bureau warned the financial industry of third-party vendors such as Lender Processing Services, Foreclosure Mills

Consumer Financial Protection Bureau warned the financial industry of third-party vendors such as Lender Processing Services, Foreclosure Mills

This demonstrates who’s side the government is on.

This being a warning to the banks is an example of stupidity, why even bother if you’re willing to let them stay in business?

False alarm!

Market Watch-

A new U.S. financial regulator is putting banks on notice that they can and will be penalized for their outside vendors’ misdeeds.

In a bulletin Friday, the Consumer Financial Protection Bureau warned the financial industry to make sure third-party vendors–such as foreclosure-law firms, technology firms, appraisal companies and default-service companies–are following the nation’s consumer-protection laws.

“Consumers are at a real disadvantage because they do not get to choose the service providers they deal with–the financial institution does,” said Richard Cordray, the bureau’s director.

Most banks hire outside service providers to carry out a range of duties such as processing credit cards, handling mortgage and student-loan payments, maintaining call centers or taking care of billing issues. The agency’s notice emphasizes financial institutions can be held responsible if these contractors engage in practices that hurt consumers.

Banking officials said they already are committed to making sure their vendors meet consumer-protection obligations.

“This is largely business as usual for banks,” said Richard Riese, the American Bankers Association’s senior vice president for regulatory compliance.

[MARKET WATCH]

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