Should companies report their own wrongdoing or not? For lawyers defending companies under scrutiny by federal agencies, it’s always a tricky decision, but the calculation is particularly difficult for businesses under the purview of the new Consumer Financial Protection Bureau.
In the 15 months since the agency unveiled its program for rewarding cooperation and self-reporting, the CFPB has publicly credited four companies with offering assistance, plus a fifth that got a nod before the bulletin was issued. However, lawyers say that considerable uncertainty about the program remains.
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