CFPB opens investigations for potential enforcement actions regarding the violations of law in 2021. The report aims to share information which all industry participants can use to ensure their operations remain in compliance with federal consumer financial law. In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB has the authority to supervise large banks, thrifts, credit unions with assets over $10 billion, and certain nonbanks for compliance.
Read more in the link provided on this update in compliance.