Protecting consumer interests should be a critical, strategic component of any financial services company. If not taken seriously, the ramifications could be costly.
Take for example
the recent lawsuit from the CFPB
against Intercept Corporation. The CFPB "alleges that Intercept turned a blind eye to blatant warning signs of potential fraud or lawbreaking by its clients."
Point being: Large or small, well-established or emerging start-up, consumer protection and compliance is all over the news and should be at the front of strategic decisions from financial services companies.
Stay smart and safe.