The banking industry is required to comply with more federal consumer protection laws and regulations than ever before. Regulators want to know whether you are lending fairly all segments of your local community. Is your company ready?
You are expected to appropriately address and prevent violations of law and associated harms to consumers through what is called a “compliance management system” or “CMS.” A CMS is how a supervised entity:
➢Establishes its compliance responsibilities
➢Communicates those responsibilities to employees
➢Ensures responsibilities for meeting legal requirements and internal policies
are incorporated into business processes
➢Reviews operations to ensure responsibilities are carried out and legal
requirements are met
➢Takes corrective action and updates tools, systems, and materials as
MB Consulting can help your institution develop and maintain an effective CMS, with the legal protections necessary to prevent disclosure of your sensitive data. MB Consulting, through attorney review, will examine your company's current fair lending and banking practices and provide legal advice on how to develop a comprehensive CMS. Because an attorney is conducting the review, our retainer and all results and advice are protected under the attorney client privilege and cannot be disclosed to any third parties without the express written consent of a company officer. Contact MB Consulting today for a free consultation.
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