On March 6, 2020, the CFPB published Bulletin 2020-01 on responsible conduct that updates CFPB Bulletin 2013-06 on the same topic. The CFPB issued Bulletin 2020-01 to “clarify its approach to responsible conduct and to reiterate the importance of such conduct.” The CFPB also states in the Bulletin that “if an entity meaningfully engages in responsible conduct, the Bureau intends to favorably consider such conduct, along with other relevant factors, in addressing violations of Federal consumer financial law in supervisory and enforcement matters.” The Bulletin discusses the following four categories of conduct that the CFPB principally considers in evaluating and acknowledging responsible conduct by entities under the CFPB’s supervisory authority.
Full Memorandum
