In the era of new consumer protection laws and the emergence of the Consumer Financial Protection Board, many community banks and independent mortgage lenders find themselves stuck in a morass of confusing regulations and guidance, concerned whether they can pass a tough CFPB audit. While these financial institutions have been through regulatory audits before, they have not been confronted by a government audit the size and scope of a CFPB compliance examination. The biggest concerns are whether their compliance process is up to CFPB standards, whether compliance is properly and adequately documented, and whether...