Transcription of CFPB Examination Procedures CMR
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CFPB Examination Procedures CMR
cfpb Examination Procedures CMR cfpb August 2017 CMR 1 compliance Management Review General Principles and Introduction Institutions within the scope of the cfpb s supervision and enforcement authority include both depository institutions and non-depository consumer financial services companies. These institutions operate in a dynamic environment influenced by challenges to profitability and survival, increased focus on outcomes to consumers, industry consolidation, advancing technology, market globalization, and changes in laws and regulations. To remain competitive and responsive to consumer needs in such an environment, institutions continuously assess their business strategies and modify product and service offerings and delivery channels.
6. Review the formal compliance program adopted by the board of directors or an appropriate committee of the board, and determine whether commensurate resource allocation for compliance is part of the entity’s budget and planning process. 7. Identify the chief compliance officer and other individuals responsible for compliance . 8.
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