A credit union lacked insight on readiness for a CFPB examination in Collections, Contact Center, 2nd Line of Defense, and Internal Audit.
Bridgeforce developed a comprehensive assessment matrix, sourced from CFPB examination manuals and relevant regulations. The team leveraged client documentation and interviews to identify areas of strength and opportunity. Recommendations for enhancements were prioritized in an execution road map.
The client was a credit union that recently achieved $10 billion in assets, subjecting them to CFPB supervision. The client desired to understand their readiness for an assessment in Collections, Contact Center, 2nd Line of Defense, and Internal Audit.
Bridgeforce defined key regulatory requirements and CFPB expectations in an assessment matrix. Criteria was sourced from CFPB examination manuals, relevant regulations, and recent enforcement actions. The Bridgeforce team reviewed nearly 300 client documents and conducted a series of interviews to understand the client’s current state.
Results were captured on a detailed matrix, that included:
These enhancements were prioritized by importance and execution level of effort to provide a sequenced approach to address observations.