Bates News, Bates Research | 04-05-23
Are You Ready for a CFPB Examination? Bates Can Help
The Consumer Financial Protection Bureau (CFPB) is the federal agency charged with protecting consumers from unfair, deceptive, or abusive practices and ensuring that banks, lenders, and other financial companies put consumers’ interests first. The CFPB engages in rigorous examinations of financial institutions to ensure that they follow all applicable laws and regulations, have effective compliance management systems in place, and provide meaningful consumer protections.
Examinations help the CFPB assess whether a company complies with consumer financial protection laws and regulations. During an examination, CFPB examiners review company policies and procedures to ensure they meet legal requirements, evaluate the effectiveness of the company’s compliance management system, and assess how well the company is meeting its obligation to protect consumers. Examiners also communicate directly with consumers to understand how products and services are performing in the marketplace.
CFPB, Enforcement Actions and Local Prosecutions
Did you know the CFPB also works with state regulators on examinations and enforcement actions? The Bureau often coordinates examinations with other federal authorities as part of multi-agency reviews that focus on companies with operations across multiple states or jurisdictions. In addition, when appropriate, it shares information from its work with state attorneys general or local prosecutors who may investigate potential violations of state law involving consumer protection issues.
Protecting Your Business and Customer with a Consumer Compliance Review
In today’s world, it is more important than ever to protect consumers from unfair practices in the market. A consumer protection review is an effective way to do this and ensure compliance with applicable laws and regulations.
By performing a consumer protection review, businesses can be assured they are compliant with all applicable laws and regulations. Additionally, it helps prevent companies from engaging in fraudulent activities, which could potentially lead to costly legal fines or trouble down the line.
When it comes to safeguarding consumers, Bates Group is a leader in providing comprehensive consumer protection reviews. Our team of industry experts and former state and federal regulators helps companies understand the applicable laws and regulations and how to stay compliant in today’s complex environment.
Bates Group offers independent consumer compliance reviews to evaluate compliance processes and procedures, identify areas where there may be gaps or opportunities for improvement, and develop strategies for compliance. Bates has also helped many organizations comply with CFPB guidelines by providing “readiness” reviews before a CFPB examination.
To book your consumer compliance readiness review and independent consumer compliance review, contact Bates Managing Director Brandi Reynolds.
Managing Director, BSA/AML Compliance, FinTech & Virtual Assets