In the Spotlight: Get Ready for the CFPB Exam Process

An Inside Mortgage Finance Webinar

Recorded February 12, 2014


While much of the spotlight trained on the CFPB has been focused on the new mortgage rules it have been implemented, the “new” federal regulator has also been getting down to business fulfilling its supervision and examination responsibilities. With approximately one-third of the bureau’s staff now dedicated to supervision, it is clear exams will be a major focus this year.

For nonbanks, the specter of federal examination is a new, and possibly unnerving, one. But even for entities that have long been under federal scrutiny, the CFPB’s supervision, which focuses on impact on consumers rather than soundness of the entity, may be quite foreign. For nonbanks, the need to thoroughly document compliance policies, procedures and training programs and to keep records of employee training progress could be a new wrinkle. For those previously under regulatory scrutiny, new relationships have to be formed and questions long ago answered are ripe for review. For banks and nonbanks alike, the responsibility for ensuring compliance by third-party service providers will require enhanced vetting and regular review.

During “In the Spotlight: Get Ready for the CFPB Exam Process,” learn more about what the CFPB will be looking for from mortgage companies and how to prepare your business so that you can sleep soundly even after the CFPB informs you that they are launching an exam.

During the 90-minute recording, you’ll hear from:

  • Allyson Baker, Partner, Venable

  • Calvin R. Hagins, Supervision, Enforcement, Fair Lending Division, Office of Supervision Policy, Consumer Financial Protection Bureau

  • Steven Kaplan, Financial Services Practice Leader, K&L Gates

Among the topics discussed:

  • How is the CFPB coordinating its examination activities with other regulators? 

  • How will CFPB’s focus on consumer risk—rather than safety and soundness—change the exam process? 

  • How will data mining and consumer complaints factor into the supervision process? 

  • What reviews should you be making of your compliance management system, third-party vendors and affiliates, and product lifecycle? 

  • What can the consumer complaints database tell you about CFPB priorities in general and your weak spots in particular? 

  • What factors is the CFPB using to prioritize its exams?

  • What are the benefits of hiring an attorney or consultant to help you through the audit process? 

  • How often can you expect the CFPB to examine your organization? 

  • What advance notice will you receive? What progress reports will you get? And when can you expect to know the final verdict of the examination? 

  • How uniform and predictable are the exams? 

  • Are you properly vetting new and reviewing existing vendors to ensure their federal compliance? 

  • Will your compliance management system pass the CFPB’s tests?

  • Are your compliance and training plans forward thinking enough?

  • What are the CFPB's enforcement authorities and remedies?

  • How do CFPB exams differ from state exams?

  • What are the trends in CFPB supervision and enforcement coordination?

  • What elements are necessary for a good compliance management program?

  • What are your best strategies for dealing with the CFPB once an exam has been scheduled?

CD and manual only - $382.00
MP3 and Manual - $380.00

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