What is a CFPB Mock Audit?
The Consumer Financial Protection Bureau (CFPB) mock audit is designed to prepare organizations for a compliance audit by the relevant federal, state, or client entity. During CFPB mock audits, your compliance management system’s (CMS) design effectiveness will be tested to ensure operation. Does your compliance management system comply with the CFPB examination requirements? When is the last time you updated your CMS? KirkpatrickPrice auditors help organizations update their CMS with the latest CFPB requirements.
CFPB regulations and standards apply to all entities of debt collection. Many of these regulations correlate with measures you are already taking to ensure your compliance. These laws include the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), the Gramm-Leach-Bliley Act (GLBA), the Electronic Fund Transfer Act (EFTA), and the Equal Credit Opportunity Act (ECOA).