Bureau of Consumer Financial Protection October 26, 2016 – Federal Register Recent Federal Regulation Documents

The Bureau is reissuing its guidance on service providers, formerly titled CFPB Bulletin 2012-03, Service Providers to clarify that the depth and formality of the risk management program for service providers may vary depending upon the service being performedits size, scope, complexity, importance and potential for consumer harm and the performance of the service provider in carrying out its activities in compliance with Federal consumer financial laws and regulations. This amendment is needed to clarify that supervised entities have flexibility and to allow appropriate risk management.