Statement of Robert D. Broeksmit, CMB, on CFPB Announcement of Steps to Prevent Consumer Harm
WASHINGTON, D.C. (March 6, 2020) - MBA President and CEO Robert D. Broeksmit, CMB, issued the following statement about the Consumer Financial Protection Bureau's (CFPB) announcement today on its clarified approach to business conduct and steps to prevent consumer harm.
"We welcome today's announcements by the Bureau. MBA has consistently advocated for improved partnership between the Bureau and the firms it regulates, believing that it will ultimately benefit consumers. An advisory regulatory opinion program will offer lenders and servicers more clarity, creating a more consistent understanding of their compliance obligations. Amending the responsible business conduct bulletin encourages lenders to proactively look for, report, and remediate compliance errors, ensuring that consumers get relief faster when mistakes are made. Finally, we look forward to working with Congress and the Bureau on the proposed whistleblower legislation."