Case Studies

CFPB Readiness Assessment

The Challenge

A credit union lacked insight on readiness for a CFPB examination in Collections, Contact Center, 2nd Line of Defense, and Internal Audit.

The Solution

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 Benefit

  • Client received a CFPB Assessment Matrix that outlined 197 distinct readiness criteria to clarify their current state and CFPB expectations.
  • A detailed roadmap showed the client how to implement 186 recommendations, allowing the client to understand priorities and the work effort required for execution.

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:

  • CFPB expectations
  • Client’s current state of readiness
  • Recommendations for future enhancement

These enhancements were prioritized by importance and execution level of effort to provide a sequenced approach to address observations.

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