Everything You Need to Know about the CFPB’s New IT Risk Management Expectations

What you'll learn: Regulation F is here and regulators suddenly have a lot of new expectations for collections and recovery IT risk management. This means that now is the right time to assess the CFPB's new exam procedures and update your risk management framework accordingly. In this article, you'll get the deep-dive you need through all five CFPB IT exam procedure modules, so you'll be ready when regulators arrive.

2021 brought the financial services industry new requirements to add to their Risk Management Framework. I’d be hard-pressed to find a creditor who wasn’t aware of the CFPB’s Regulation F, and the additional monitoring and auditing responsibilities that are required when forwarding accounts to third-party collection agencies.

Additionally, the Federal Reserve, FDIC and OCC have proposed new Risk Management Guidance for banking organizations for managing risk associated with third-party relationships, including relationships with vendors. This proposed guidance would combine the three agencies’ current guidelines into one streamlined risk management guidance document. But this has yet to be posted in the Federal Register.