CFPB Updates Supervision And Examination Manual, Adds IT Examination

The CFPB updated its Supervision and Examination Manual by adding a new section titled Compliance Management Review – Information Technology.  The new examination procedures are meant to assist CFPB examiners when assessing an entity's information technology (IT) controls as part of a Compliance Management System (CMS) review.  Among other things, the new exam procedures outline the following five modules:  (i) Board and Management Oversight; (ii) Compliance Program; (iii) Service Provider Oversight; (iv) Violations of Law and Consumer Harm; and (v) Examiner Conclusions and Wrap-Up.  Each module focuses on the components of a compliance program and the IT function, including policies and procedures, training, monitoring and/or audit, and consumer complaint response.