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Wednesday, August 28, 2013

Are You Aware of the Latest Guidance on the Compliance Management Systems for Nonbanks?

By ABIA Outside Counsel Chrys Lemon and Adam Maarec, McIntyre & Lemon, PLLC

An area of significant regulatory scrutiny over the last couple years has been compliance management. In its latest Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) said several nonbank entities it supervises had nonexistent or inadequate compliance management systems (CMS). This latest guidance provides insight into the essential elements of CMS structure and is informed by the CFPB’s supervisory experiences over the last six months.

Click here to read a members-only brief of the essential elements of a compliance management system, which is available to ABIA bank members. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

ABIA members may access a wealth of compliance information - including our flagship Compliance Handbook on our compliance page. If you need help logging on please contact us and we will be happy to assist you.