CFPB Compliance: 8 Things You Need to Know
The Consumer Financial Protection Bureau (CFPB) and the rules and regulations they enforce for a compliance management system, commonly referred to as a CMS, are intricate and multifaceted to understand. This leaves many organizations asking questions about what they need to do to be and remain compliant.
The CFPB is actively working to make all financial institutions implement a consistent compliance management system (CMS) that meets their outlined requirements.
Complí recently hosted a webinar “CFPB Compliance – Ask the Experts” where we asked a panel of specialists questions about what the CFPB expects. In conjunction, we created a Q & A document that answers the eight questions frequently asked about CFPB Compliance including:
- Who should care about the Consumer Financial Protection Bureau (CFPB)?
- What does it mean to formalize a Compliance Management System (CMS)?
- How are compliance management tools evolving?
- What constitutes acceptable board oversight in a compliance management system?
- What are the necessary components for a Compliance Program to meet CFPB compliance requirements?
- How does complaint management support my Compliance Management System?
- Does my audit need to be independent?
- The CFPB is asking certain dealers and lenders to “register” with them in order to monitor customer complaints. Should I do this?
Now is the time to act to get your executive team and organization compliant by using an automated compliance management system. An automated CMS enables organizations to avoid fines, claims and costly litigation by streamlining processes, communication and documentation. The CFPB is looking for a consistent feedback loop for your board and consumers, as well as documentation and tracking for all your compliance program activities. It’s not a matter of if the CFPB is coming to knock on your door, but when. Are you prepared?
