Building relationships with the Consumer Financial Protection Bureau and other regulators is “so important,” said Linda Iannone, chief compliance officer at Toyota Financial Services.
“We haven’t been examined by the CFPB yet, but we took a very proactive approach,” Iannone told attendees at the Auto Finance Risk & Compliance Summit in May. “As soon as the larger participant rule became effective, we reached out to the Western regional director for supervision at the CFPB and set up a meeting with him. We really wanted to introduce him to our company.”
