If you’re a compliance officer at a consumer financial services company, two words likely to keep you awake at night are CFPB and examination. The Consumer Financial Protection Bureau has settled into its role as the primary regulator of consumer financial products and services. For compliance officers, the prospect of a CFPB examination can be daunting. A CFPB examination means voluminous document requests, several months of onsite visits, and if significant deficiencies are identified there is potential for enforcement action which may result in penalties.
Surviving a CFPB examination depends on careful preparation, preferably before the CFPB targets your company for scrutiny. The companies in the best position to manage a CFPB examination are usually those that understand and follow applicable laws; have invested significant time and resources into building a thorough compliance program; have created a compliance management system (CMS); and have the knowhow and capacity to make corrections to their compliance program and CMS when needed.
We understand that a CFPB examination can be a daunting process for your compliance team and your entire company. That is why we are here to help advice you in preparing and responding to a CFPB examination. The key to surviving a CFPB examination is to understand and follow applicable laws and regulations, invest time and resources into your compliance program and CMS, train your staff and work closely with examiners to ensure a fair and accurate process. Our team can advise consumer financial services companies on all matters and represent clients on examinations, investigations, and enforcement actions brought by the CFPB, FTC, state attorneys general, and any other regulatory agencies.