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Publications - CFPB Compliance Checklist

CFPB Compliance Checklist

CFPB examiners mission includes 4 primary objectives when they begin an examination of your business.
1. Assess how well you comply with your own internal controls, policies, and procedures regarding debt collection.
2. They will look for any acts or practices that they believe materially increase the risk of your violating Federal consumer financial laws.
3. The examiner will gather facts to help determine if you, as a regulated business, engage in acts or practices that violate the requirements of Federal consumer financial laws.
4. The examiner is to determine if you have violated any of the covered Federal consumer financial laws and whether they believe further supervisory or enforcement action is required.

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Why Compliance Matters

The environment is regulation and no industry is more regulated than consumer debt collection. There is no better place to spend your money by assuring your company and employees are in compliance with the federal and state regulations.

Why? Because, if you donít, you risk the fines of regulators, as well as, costs and potential awards from consumer lawsuits.

Good compliance practices contributes to financial well-being and reduced risk. It also demonstrates to employees the levels of enforcement that you demand to protect your company. Regulatory compliance is intended to protect consumers by requiring companies to incorporate certain policies and procedures into their business operations, especially in the debt collection industry where consumer information security and privacy are of prime concern.

Compliance with good internal policies and procedures contribute to improved revenues and profits which ultimately justify the costs of compliance.

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