How the Consumer Financial Protection Bureau is redefining the way institutions manage third-party service-provider compliance
Supervised institutions should consider the CFPB’s expectations for managing compliance risk of third-party service providers relative to their Compliance Management Systems (CMS) capabilities. This paper will highlight:
- The CFPB and a recap of service provider oversight expectations
- The impact on compliance management
- Some next steps
- Positive side effects and what institutions can likely expect going forward
Read this paper to gain insights into what supervised institutions should due to effectively mitigate risk associated with hefty reimbursements, penalties, and remediation activities.