Many compliance officers in the financial services industry and beyond have worried that the scope of the Consumer Financial Protection Bureau's power is too broad and that its jurisdiction is not well undefined. A recent agreement the CFPB hammered out with the Department of Justice won't do much to allay those concerns.
Under a Memorandum of Understanding reached last month, the CFPB and the Justice Department have agreed to more closely coordinate their information-sharing abilities, conduct joint investigations, and pass referrals on to one another as they pertain to fair-lending enforcement efforts.
The agreement “sends a very broad signal to ...