By ABIA Outside Counsel, Chrys D. Lemon, McIntyre & Lemon, PLLC
Auditors and examiners will look closely at a bank or insurance agency’s training program to determine what efforts have been made to ensure personnel who have contact with customers know what is required of them and how to market banking and insurance products without violating federal and state consumer financial protection laws.
The Consumer Financial Protection Bureau (CFPB) puts it this way in its Supervision and Examination Manual:
“Management and staff should receive specific, comprehensive training that reinforces and helps
implement written policies and procedures. Requirements for compliance with Federal consumer
financial laws, including prohibitions against unlawful discrimination and unfair, deceptive, and
abusive acts and practices, should be incorporated into training for all relevant officers and
employees, including audit personnel.”
To learn more about the importance of training in compliance management, read the full summary.
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The article linked to in this post is provided for informational purposes only by ABIA’s outside counsel and is not intended to be legal guidance. Readers should consult with legal counsel before taking any action on issues addressed in this article.