CFPB Highlights Regulatory Observations
In its Summer edition of Supervisory Highlights, the CFPB has highlighted regulatory observations in several areas. These observations resulted from examination activity during the fourth quarter of 2019.
As you prepare for 2021, it is a great time to review internal policies and practices regarding the highlighted topics to ensure that we are meeting the spirit and intent of the regulatory requirements. Training programs should be enhanced to incorporate these observations as well as focusing on the specific regulatory requirements that have been mentioned. Also, review your compliance monitoring programs and internal audit programs to ensure that the scope of testing is sufficiently detailed to detect instances noncompliance or compliance weaknesses.