Well, it has finally happened, and we have been told that the CFPB is going to be doing an examination of our company. I am in the compliance department, and, needless to say, everyone is getting ready. But there is also anxiety about what to expect. Nobody, including some top management, has ever been through a CFPB audit. Even our legal counsel has never been involved in a CFPB exam.
Our company has never had a CFPB exam before! So, we need help understanding what is going to happen. As part of our preparation, we are retaining your firm to do a CMS Tune-up, which will give us an overview of our Compliance Management System. I asked permission from our Chief Compliance Officer and our CEO to write you for some guidance. We want to know what to expect. Please let us know the usual way that the CFPB conducts its audits.
What is the customary way that we can expect the CFPB to audit us?
Are there resources we can research for CFPB examination guidelines?