While the Consumer Financial Protection Bureau continues to expand into various business lines and increase the number of industries they supervise and hold enforcement power over, the FDIC, FED, and various state regulators have all incorporated the CFPB’s hyper focus on consumer risk into their supervision duties. As such, regulatory focus continues to remain concentrated on entities’ compliance management systems (CMS).
Each regulator independently states what the elements of a proper CMS are. For example, the FDIC’s can be found within their compliance examinations manual here, and the CFPB’s can be found in Part II (A) of their Supervision and Examination Manual. If you are drafting a CMS for the first time, you should read them all, as well as the corresponding issued guidance. There are common themes and regulators are looking for a CMS to accomplish the following goals:
