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California Cautions Lenders Regarding Vendor Vetting and Management

California’s Department of Corporations (DOC) issued Commissioner’s Bulletin No: 001-12 to help prevent its licensees, including lenders and escrow agents, from inadvertently violating federal  law by hiring certain third-party risk management companies to pre-screen potential service providers as a means of complying with the CFPB’s April 13, 2012 guidance relative to the oversight lenders must conduct to ensure compliance by third-party service providers with Federal consumer financial laws.  For details regarding the third-party risk management companies the California  DOC warns its licensees about, please view Bulletin 001-12.

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