CFPB Consulting Services
The Dodd-Frank Act created the Consumer Financial Protection Bureau (“CFPB”), significantly increasing regulatory examination of consumer finance activity, including mortgages, auto loans, student lending, debt collection, consumer reporting and other consumer lending-related activities. Dodd-Frank provided regulators with new powers of inquiry and enforcement relating to newly created regulations and long-standing fair lending rules. FTI Consulting helps clients prepare for CFPB exams, respond to regulatory inquiries and defend alleged violations by proactively identifying and addressing potential concerns. Our CFPB professionals are experienced in key consumer lending and servicing areas, including account and transaction reviews, restitution calculations, settlement negotiations, and remediation.
Who We Are
As a leading independent consulting firm free of conflicts, FTI Consulting is often the preferred provider of critical services to financial institutions globally. Our Bank Governance and Regulation practice consists of experienced professionals including former senior managers at bank regulatory agencies and financial institutions that have the expertise and experience to help clients effectively respond to and resolve CFPB or other regulator inquiries or actions, and provide value-added service in the process. Our team includes experienced financial institution professionals such as CPAs, attorneys, economists, forensic specialists and other professionals with expertise in AML, BSA, OFAC, and US Patriot Act compliance, enterprise risk management, financial and operational risk, data analytics and information technology. Our team includes former staff members of the Federal Reserve Board, the Office of the Comptroller of the Currency, FDIC, FHFA, SEC, Department of Justice and states Attorneys General.
Meeting the Challenges
Banks are continuously challenged to balance their lending strategies with CFPB and other regulatory compliance requirements. We help management ensure that their CFPB compliance initiatives are up-to-date, and fully implemented and effective throughout the enterprise, from the Board and management to each customer-facing employee. Our professionals assess and help improve the depth and quality of CFPB compliance programs, taking into account the client’s specific lending strategies and activities. We help develop effective policies and procedures, communications, training, complaint reporting and resolution, and program audits and remediation actions. Our consulting services include the following specialties.