I recently noticed that credit unions are asking for guidance on compliance management systems (CMS). So, here are few helpful resources. Keep in mind that when you review the CFPB resources, the CFPB has designed the information for financial institutions over $10 Billion in assets so you may have to modify and adapt the information to fit your credit union.
- An article with a summary of the CFPB’s requirements for a compliance management system.
- The CFPB’s examination manual with a section on compliance management systems.
In addition, we will be addressing this specific topic at CUNA’s Compliance Update school in April in New Orleans. Details on the school will be available soon!