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CFPB Audits: Being Prepared and Staying Compliant to Save Time and Money

Find out how to be prepared for the CFPB examination/audit and get practical advice for responding to the CFPB.

Preparing for and responding to one of the Consumer Financial Protection Bureau's (CFPB) examinations can be a daunting task, particularly for institutions that are under prepared. This topic helps the persons responsible for preparing for the CFPB examination/audit understand how to prepare for the examination/audit. In addition, this content will provide practical advice for responding to the CFPB. This topic will also identify recent trends in CFPB public enforcement and supervisory efforts, which may be indicative of future CFPB priorities during an examination/audit.

Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

How to Prepare for a CFPB Examination

  • The Compliance Management System - the Narrative
  • The Product - Origination, Advertising, Servicing/Collection
  • Specific Statutory Compliance
  • Unfair, Deceptive and Abusive Acts and Practices

What to Expect During an Examination

  • The Cost of an Examination:
    • The Monetary Costs and Other Expenses the Company Will Incur to Respond to a Civil Investigative Demand
    • Overview of the Timing Elements of an Examination Including the Time Constraints for the Initial Responses and Then Various Other Deadlines Throughout the Examination
    • Expectations Regarding Other Company Resources and Temporary Changes to Business Operations During an Examination
  • The Content of the Civil Investigative Demand:
    • The Various Types of Requests of Information
    • The Breadth of the Information Requests
    • How the Information Must Be Produced to the CFPB
  • The Follow-up and Waiting Game
    • After the Initial Production of Information, the CFPB May Have Followup Requests for Information
    • Waiting for the Results and What to Expect to Receive From the CFPB Including Fines and Improvements to Business Practices

Recent Trends in CFPB Supervisory Efforts and Enforcement Actions

  • Deposit Products
  • Auto Origination and Ancillary Products
  • Auto Loan Servicing
  • Debt Collection
  • Mortgage Origination, Mortgage Servicing and Loss Mitigation
  • Student Loan Servicing
  • Cards
  • UDAAP
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 17, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jeffrey P. Barringer

Jeffrey P. Barringer

McGlinchey Stafford PLLC

  • Member in the Albany office of McGlinchey Stafford PLLC
  • Practice emphasizes all aspects of state and federal consumer financial services regulatory compliance for creditors/servicers operating in several states or nationally
  • Regularly assists creditors/servicers respond to regulatory inquiries and examination issues
  • Regularly presents on regulatory compliance issues relating to mortgage origination
  • American Association of Residential Mortgage Regulators, Industry Advisory Council; New York Mortgage Bankers Associations, Board member and Legislative Committee member; American Bar Association; member, Consumer Financial Services Committee
  • J.D. degree, summa cum laude, Albany Law School
  • Can be contacted at 518-874-3428 or [email protected]
Susan Chylik

Susan Chylik

McGlinchey Stafford PLLC

  • Member in the Cleveland office of McGlinchey Stafford PLLC
  • Represents banks, finance companies, mortgage companies and consumer lenders advising them on regulatory compliance for consumer loan documentation, e-commerce, underwriting, and servicing and collections practices
  • Assists companies in responding to state and federal examinations, including Civil Investigative Demands issued by the CFPB
  • Presents annually at the Wolters Kluwer and McGlinchey Stafford Consumer Financial Services Conference on servicing issues affecting the financial services industry
  • American Bar Association Consumer Financial Services Committee, member and Young Lawyer Liaison to the Electronic Financial Services Subcommittee; Ohio State Bar Association member
  • J.D. degree, The Ohio State University Moritz College of Law
  • Can be contacted at 216-378-9913 or [email protected]
Brian Fink

Brian Fink

McGlinchey Stafford PLLC

  • Of Counsel in the D.C. office of McGlinchey Stafford PLLC
  • Advises depository and nondepository financial institutions on aspects of compliance, government investigations, and regulatory issues and has extensive high-level experience with the CFPB and Banking Regulators
  • Prior experience includes serving as supervisory analyst, attorney advisor, and senior analyst within the CFPB's Office of Supervision Policy and focusing on CFPB's payday, deposit and over-draft, mortgage origination, and automobile origination examination programs. Resolved complex examination issues, with particular emphasis on issues relating to the Truth in Lending Act, Real Estate Settlement Procedures Act, Truth in Savings Act, Electronic Funds Transfer Act, and the determination of unfair, deceptive, and abusive acts and practices (UDAAP)
  • J.D. degree, Hamline University,1999; M.B.A. degree, University of St. Thomas, 2002
  • Can be contacted at [email protected] or 202-802-9955
Robert Savoie

Robert Savoie

McGlinchey Stafford PLLC

  • Senior associate in the New Orleans office of McGlinchey Stafford PLLC
  • Practice regularly involves assisting state and national banks, mortgage lenders, motor vehicle sales finance companies, and small dollar lenders with substantive consumer financial services compliance and with CFPB and other governmental agency examinations and civil investigative demands
  • Conducted presentations on a wide variety of topics, ranging from debt collection issues and mortgage servicing rules for American Bar Association meetings and webinars to Servicemembers’ Civil Relief Act compliance in the context of Department of Justice examinations
  • Published articles on subjects ranging from mortgage servicing to debit card interchange fees to mortgage foreclosure compliance
  • J.D. degree, Notre Dame Law School, 2010
  • American Bar Association, member, Consumer Financial Services Committee, vice-chair of the Young Lawyers’ Subcommittee
  • Can be contacted at [email protected] or 504-596-2797
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400066
Published 2017
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