Now that the Consumer Financial Protection Bureau (CFPB) has launched its non-bank supervision program, non-depository providers of consumer financial products and services, including mortgage originators, finance companies, student lenders, consumer reporting agencies and debt collectors will be subject to federal supervision for the first time.
According to the CFPB, “non-bank examinations will be the same as its approach to bank examinations and will require non-banks to file certain reports, review materials the companies actually use to offer their products and services, reviewing compliance systems and procedures and reviewing what they promised consumers”. The CFPB has also said that it will focus its examinations on compliance policies, procedures, controls and systems.
In this program, we will discuss the new regulatory climate; how federal bank examiners approach supervision and what they will be looking for; and the fundamentals of developing effective compliance policies, procedures, controls and systems.
Join us for a live teleseminar with Tim Long, Managing Director - Financial Services at Protiviti and former chief national bank examiner at the Office of the Comptroller of the Currency (OCC); Michael Brauneis, Managing Director, Regulatory Risk Consulting at Protiviti, and Andrew Smith, Partner at Morrison & Foerster. Included in this program will be a helpful question-and-answer session moderated by CDIA's President and CEO Stuart Pratt.
Program Discussion Topics:
- Scope of the non-bank supervision and examination process
- Examination procedures & policies
- Developing a formal, written compliance program
- How do you assess risk?
- Develop and implement systems to mitigate risk
- Administer your program
- Train and supervise employees
- Evaluate and revise programs