In fact, the very first sentence in the CFPB’s Examination Procedures for Debt Collections states: “These examination procedures apply to larger participants in the consumer debt collection market defined by 12 CFR 1090.105 and other entities within the supervisory authority of the Consumer Financial Protection Bureau (CFPB) to the extent that they seek to collect debt from consumers.” So no matter what your size, you need to have your CMS in place.
While many companies already have their CFPB compliance management system in place, many more are struggling with the enormity of the requirements surrounding what you must have in place for your CMS. To help wade through the requirements of your system, John Bedard, Esq. an industry expert in ARM Compliance will present the webinar “Building your CFPB Compliance Management System”.
John Bedard, Esq.
Managing Attorney of Bedard Law Group, P.C.