CFPB Compliance Management System (CMS): Element One – Board Oversight
What does Board Oversight mean?
We recently did a deep dive webinar into the first element of the CFPB Compliance – Board of Directors and Management oversight. The CFPB outlines that leadership should take an active role in an organization’s compliance efforts, thereby setting the tone at the top. The rationale is if senior management cares about compliance, everybody else will—or at least should—care about it, too.
Tell me what the CFPB is looking for…
Complí teamed up with national expert Patty Covington, a Partner at Hudson Cook, LLP to deliver a webinar outlining the steps non-banking financial institutions and auto dealerships need to take to comply with the CFPB. The focus was on how compliance is applicable to Board and Senior Management oversight within a Compliance Management System (CMS):
- How involved does the Board/Ownership really need to be?
- Is a special structure required for the Board/Ownership?
- What is Management’s role in taking the tone at the top and setting tone in the middle?
- On what key issues should the Board and Management be informed?
- What are the best practices for communication and reporting to the Board?
This webinar helps organizations better understand what Board of Directors and Management oversight really means in the eyes of the CFPB, and how to incorporate it into their Compliance Management System. Complí is hosting a six part Consumer Financial Protection Bureau (CFPB) Webinar Series covering all elements of a CMS. To learn more, click here