Robert Maddox was recently quoted in a Law360 article entitled “Banking Cases to Watch in 2015.” In recent years, banks’ third-party vendors have been slacking off on consumer protections and other regulatory compliance matters. Regulators, such as the Consumer Financial Protection Bureau (CFPB), expect banks to implement and manage airtight compliance systems, so these oversights have resulted in significant payouts from banks to regulators.
“In 2015, the banks may seek their own pound of flesh from those vendors over alleged breaches of contract,” said Maddox. “The seeds of those issues have already been planted, and we’ll see if they come to fruition or not."
Read the complete Law360 article, “Banking Cases to Watch in 2015.”