We are a fintech that is growing quickly. I am the company’s General Counsel. Our President is a bit arrogant and cavalier. He is only interested in attracting investors and clients. Regulation takes a distant second place. I’ve had enough of the non-compliance. I’ve tried unsuccessfully to get him to recognize the legal exposure. I’m done. I’m resigning. My last day is the end of the week.
Before I go, I am sending this message to you. The President reads your MortgageFAQs newsletter and quotes it all the time. I have read your writing for years, and I know you do not condone workarounds, short-term fixes, and non-compliance with appropriate regulations. I hope you will consider telling your readers why Fintechs must comply with the CFPB’s expectations.
The CFPB has been increasingly active in its review of fintech activities. It is flexing its supervisory and enforcement authority more and more. The litigation is piling up. I was hoping you could let the fintechs know they can expect considerable examination and enforcement initiatives by the CFPB.
Why is it important for fintechs to comply with the CFPB’s rules?
