Banking institutions on the verge of coming under CFPB oversight – those crossing the $10 billion asset size threshold for four consecutive quarters – will need to cultivate a new kind of compliance culture if they are going to thrive in their new regulatory environment, according to some top compliance professionals.Speaking to attendees at the American Bankers Association’s regulatory compliance conference last month in San Diego, Randall Patton, director of compliance at MidFirst Bank, suggested lenders approaching that threshold start preparing by getting to know the CFPB, perhaps indirectly at first. First, “Consider utilizing the CFPB examination procedures in your compliance testing,” he said. It would be a good idea as well for such lenders to use the exam procedures to ...