Webinar Focuses on Importance of Compliance Vigilance

On Wednesday, Compli presented “Regulatory Alphabet Soup: As the CFPB evolves, who is watching lenders now?” as part of the AFSA Business Partner Webinar Program. The main takeaway from the webinar: regardless of the changes at the Consumer Financial Protection Bureau (CFPB), compliance is of utmost importance.

“Nobody shut off the law,” said Michael Benoit, Chairman with Hudson Cook. “Compliance remains critically important for a variety of reasons, but most importantly, enforcement isn’t going away.”

As Acting Director Mick Mulvaney has stated, the Consumer Financial Protection Bureau (CFPB) appears to be discarding its former governing philosophy of “pushing the envelope” through aggressive prosecution, and embracing a more case-by-case approach to enforcement.

Changes may be following at the Bureau but that doesn’t mean lenders are off the hook for compliance. Quite the opposite, in fact. From the Federal Trade Commission (FTC) to the Justice Department (DOJ) to state attorneys general, there’s an alphabet soup of institutions poised to fill any vacuum left by changes at the CFPB. Much of the “slack” is being picked up by states, who have created their own mini-CFPB offices.

Brian Larson, Consumer Lending Expert with Compli, also noted that, “it’s just good business to be compliant. The CFPB’s supervision and examination manual is a good roadmap and the defacto model for other regulators to follow.”

 You can view a schedule of upcoming webinars and access materials and recordings, including this one, at AFSA’s Webinar Resource Center.