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CFPB Holds Financial Institutions Accountable

Question: 
What were financial institutions cited for in the CFPB's supervisory highlights?
Answer: 

Regulation E is a CFPB rule around EFT dispute resolution between financial institutions and consumers. Financial institutions were cited for placing more stringent requirements on consumers than the regulation allows, resulting in missed timeframes or wrongfully denied claims, and sometimes both.

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Find out more about CFPB requirements.

Vendor: 

FINBOA's end-to-end process automation eliminates the need to use paper forms and multiple systems that require manual rekeying of data to stay compliant. Manual processes increase the likelihood of regulatory deficiencies, customer frustration, and require time consuming and expensive oversight. The results are delivered via a Cloud offering that reduces time to value to 2 - 4 weeks and TCO by 40%. Time saved allows financial institutions to focus on revenue generation activities. Contact us at 281-503-1233 or marketing@finboa.com. For more information: https://www.finboa.com.

First published on 12/01/2019

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