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• W53058148 abstract "[ILLUSTRATION OMITTED] Within a few hours of their arrival, Jeff Asher knew his institution's experience being among the first banks visited by Consumer Financial Protection Bureau examiners going to be very different. Exam team members came to him that first day and told him they had some concerns with the company's Spanish-language website. We had never had a single word about this with our former consumer compliance regulators, said Asher, senior vice-president at FirstBank Holding Co., Lakewood, Colo. Prepare to be shocked, Asher told bankers attending ABA's Regulatory Compliance Conference, where he a speaker. CFPB examiners had done their homework before arriving at $12.1 billion-assets FirstBank, having visited the bank's website and Facebook page, as well as having checked out its call center. are going to use the 'grandmother test' on you, warned Asher, emphasizing the team's consumer orientation. want to know how are you facing customers? Is what you do understandable? Is it transparent? Brainy bunch arrives at your door Tina Shaver at FirstMerit Bank, N.A., surprised by the high level of experience on the CFPB team. She said 11 people were in the initial team visiting the bank over a six-month period, with most of the group staying on throughout that period. Every member of the core group had 20 years or more experience with a banking agency, said Shaver, senior vice-president and corporate compliance manager for the $14.7 billion-assets institution, based in Akron, Ohio. This no trainee crew. Matthew Neels, a veteran compliance officer, found the expertise level of the team that worked at $298 billion-assets Capital One beyond impressive. One member of the CFPB team was scary knowledgeable, said Neels, senior vice-president and chief corporate compliance officer. He had [virtually] memorized every regulation, including the footnotes. When he said something, we just agreed, 'Yeah, that's right'. Welcome to the new world of consumer compliance. In all three cases the bankers were still awaiting formal reports of examination, but had learned plenty already. Experts believe CFPB teams will set the tone for compliance exams, though they only examine a fraction of the industry. As noted, when CFPB arrives, the team will already know a good deal about your bank. Capital One's Neels, for example, noted how bank branches frequently show up in Google Maps and how people can post comments on a branch's Maps page. CFPB will have seen such comments, he said--and will expect your bank to have seen them too. But while there are surprises at the edge, as described, Neels said one thing he's learned in years of compliance holds true for CFPB as well: Very rarely do things come out of the blue. They are usually signaled well in advance. Much of what he's seen in his bureau experiences jibes with what's in the CFPB exam in documents on its website, and the bureau's published regulatory agenda. Bankers ought to visit www.cfpb.gov daily and read new they find there, said Neels. Make it like vitamins, he said. Just take it. Neels and his fellow speakers gave additional pointers for their peers. You'll find these at http://tinyurl.com/cfpbpointers along with coverage of other conference sessions. Advance preparation and early days Experience with bureau advance request lists--a common practice when exam teams plan a visit--varied somewhat, possibly indicating the newness of the process for both sides. Shaver received the request list the day the exam team arrived. It became apparent that the team's four priorities were compliance management, fair lending, overdraft, and Unfair and Deceptive Acts and Practices. Other requests for additional materials came through later, covering everything else in the exam manual, said Shaver, because the team did an extensive overview of the bank's compliance, with substantial drill down. …" @default.
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• W53058148 date "2012-07-01" @default.
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• W53058148 title "CFPB Was Here: Banks among the First Examined Share Their Experiences" @default.
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