CFPB Audits : Being Prepared and Staying Compliant to Save Time and Money

Duration: 60 Minutes
Preparing for and responding to one of the Consumer Financial Protection Bureau's (CFPB's) examinations can be a daunting task, particularly for institutions that are under prepared. This topic helps the persons responsible for preparing for the CFPB examination/audit understand how to prepare for the examination/audit. In addition, you will be provided with practical advice for responding to the CFPB. This topic will also identify recent trends in CFPB public enforcement and supervisory efforts, which may be indicative of future CFPB priorities during an examination/audit.
CFPB Compliance
Product ID: 506956
Objectives of the Presentation
  • Considerations for exam preparation
  • Roles and responsibilities for exam preparation
  • Tasks to consider for exam preparation
  • Exam preparations
  • Approach to responding to exams
  • Supporting the exam process
Why Should you Attend
With the increased scrutiny being placed on financial institutions requirements to be compliant with all rules and regulations, it is important now more than ever for financial institutions to be able to demonstrate their proactive approach and understanding of what is required of them.

Areas Covered
    HOW TO PREPARE FOR A CFPB EXAMINATION
  • The Compliance Management System -the Narrative
  • The Product
    • Origination; Advertising
    • Servicing/Collection
  • Specific Statutory Compliance
  • Unfair, Deceptive and Abusive Acts and Practices
    WHAT TO EXPECT DURING AN EXAMINATION
  • The Cost of an Examination:
    • The Monetary Costs and Other Expenses the Company Will Incur to Respond to a Civil Investigative Demand
    • Overview of the Timing Elements of an Examination Including the Time Constraints for the Initial Responses and Then Various Other Deadlines Throughout the Examination
    • Expectations Regarding Other Company Resources and Temporary Changes to Business Operations During an Examination
  • The Content of the Civil Investigative Demand:
    • The Various Types of Requests of Information
    • The Breadth of the Information Requests
    • How the Information Must Be Produced to the CFPB
  • The Follow-up and Waiting Game
    • After the Initial Production of Information, the CFPB May Have Follow-up Requests for Information
    • Waiting for the Results and What to Expect to Receive From the CFPB Including Fines and Improvements to Business Practices
    RECENT TRENDS IN CFPB SUPERVISORY EFFORTS AND ENFORCEMENT ACTIONS
  • Supervisory Highlights
    • Mortgage Servicing; Debt Collection
    • Student Loan Servicing
    • Indirect Auto Lending; Small Dollar Lending
    • Deposits; Fair Lending
  • Enforcement Actions
    • Mortgage Origination and Servicing
    • Debt Collection; Auto Lending
    • Deposits; Credit Cards/Add-on Products
    • UDAAP
Who can Benefit
  • Compliance Officers
  • Internal Audits
  • Compliance Personnel
  • Mortgage lenders and servicers
Topic Background
Preparing for a CFPB audit can be straightforward if the financial institution, its lenders and servicers have established an appropriate approach for the examination process.
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Dr. Gina J. Lowdermilk, PhD (ABD), CAMS, CRMS is a qualified BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been on working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work with small community banks to large international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

Ms. Lowdermilk has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS, and Metavante banking software. Gina has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as per clients’ requests.


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