CFPB Files First Action Over Loan Origination Compensation: The CFPB Does Not Like Unwritten Policies

by Jeffrey E. Jamison Yesterday (7/23/13), the CFPB filed its first action based on violations of “Compensation Rule” under Regulation Z, 12 C.F.R. § 1026.36(d)(1)(i), and the Consumer Financial Protection Act, 12 U.S.C. § 5536(a)(1)(A), (CFPA) [ an annotated version of this...