CFPB warns banks of liability for third-party vendors

04/13/2012 | MarketWatch

Banks will be held liable if third-party vendors such as technology and appraisal firms do not follow consumer-protection laws, the Consumer Financial Protection Bureau warns. "We support this," said Scott Talbott, senior vice president of government affairs for The Financial Services Roundtable. "Banks are careful about their third-party service providers because in the end their name is on the line."

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