First comes the exam, then come the findings.
And one sign of a good exam is no surprises, according to Linda Iannone, chief compliance officer at Toyota Financial Services.
“By the time you get to the closing meeting, you should already know what the findings are going to be, and what you’re going to talk about,” Iannone told attendees at the Auto Finance Risk & Compliance Summit in May, “And then again, when you get the exam report there should be no surprises there, you should have already heard about everything.”
Iannone, along with Richard Miller, director of compliance at Hyundai Capital America, offered advice on what to expect after a CFPB exam, and how best to handle the findings, while speaking on a panel at the summit.
“Get all the issues on the table and know what we see as potential findings,” Miller said. “And one of the things that I think is essential, is to identify what are remediation efforts are going to be, before that’s done for us.”
Hear more advice from Miller and Iannone in the video below — the last in our four-part video series on coping with exams:
