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ARTICLE · 02 JULY 2015

CFPB Report Addresses Need For A Compliance Management System

Holland & Knight
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The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices

United StatesFinance and Banking
Anthony E. DiResta
Anthony E. DiResta
Kwamina Williford
Kwamina Williford
Brian Goodrich
Brian Goodrich
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Anthony E. "Tony" DiResta and Kwamina Thomas Williford are partners and Brian J. Goodrich is an Associate in our Washington DC office.

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices

HIGHLIGHTS:

  • The Consumer Financial Protection Bureau (CFPB) issued "Supervisory Highlights," its annual supervisory report detailing the key findings of the CFPB's non-public supervisory efforts.
  • The report placed a substantial emphasis on the need for financial institutions to have a formalized compliance management system (CMS) and consumer complaint management system in order to be in compliance with federal consumer protection law.

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