The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB), providing regulators with new powers and significantly increasing regulatory examination of consumer finance activity, including mortgages, auto loans, student lending, debt collection, consumer reporting and other consumer lending-related activities. FTI Consulting helps clients prepare for CFPB exams, respond to regulatory inquiries and defend alleged violations by proactively identifying and addressing potential concerns early. Our CFPB professionals are experienced in key consumer lending and servicing areas, including account and transaction reviews, restitution calculations, settlement negotiations, and remediation.
Our service focus includes:
- Account Reviews – Identification of specific criteria and review and analysis of electronic, imaged or paper account opening records.
- Transaction Reviews – Capability for electronic review of billions of transactions to identify those that may trigger reporting and analysis obligations and compliance issues.
- Restitution Calculations and Modeling, and Settlement Negotiations – Scenario modeling for development of settlement proposals and assistance in discussions and negotiations with regulators or plaintiffs.
- Remediation – Full range of services related to CFPB remediation process, including whole loan acquisition, securitization, and post securitization requirements.
- Technology Capabilities – Including Ringtail® E-discovery Software, Loan Evaluation and Analytics Data Repository (LEADr), Automated Response Tool (ART), and Account/Loan Information Database (aLID).