CFPB’s Long Reach Gets Longer

How should banks handle discrepancies between new CFPB expectations and existing contracts with service providers? According to this CFPB official, they must either renegotiate the contract or terminate the relationship. If the service provider won't renegotiate and termination will expose the supervised entity to breach of contract claims, the CFPB official touted the bureau's authority to take enforcement action against the service provider. [1/12/15]