Preparing for CFPB Supervision with New Regulatory Policies and Procedures

A Bridgeforce client, ranked within the top 25 largest credit unions in the U.S., employed our CFPB regulatory expectations and technical writing experience to develop an inventory of critical policies and procedures to document their commitment to members and demonstrate compliance with CFPB regulatory expectations.

Anticipating CFPB Supervision, Credit Union Crafts Needed Regulatory Policies and Procedures

A mid-sized credit union, highly awarded in their local community, lacked sufficient policies and procedures to provide proof of regulatory adherence in advance of anticipated CFPB supervision.

In the absence of experienced internal staff, our client used Bridgeforce talent to identify gaps and inadequacies in documentation. This effort aimed to develop formal policies and operating processes necessary to demonstrate adherence to regulatory expectations for institutions that cross the $10 billion assets threshold.

Bridgeforce Drives Enhancements: From Assessment to Document Creation

Over several weeks, Bridgeforce deployed advisors well-versed in similar engagements to assess the coverage of the client’s Consumer Regulatory Protection Policies and the state of business line operating procedures.

Through review of existing client documentation and collaboration with internal partners, Bridgeforce identified 14 consumer regulatory protection policies requiring formal documentation or modification and an overall lack of comprehensive and consistent line of business procedural documentation.

After we identified needed policies and reviewed high consumer risk business lines, Bridgeforce advisors provided technical writing experience required to draft and revise policy documentation. To promote consistency, we also gave the client a formal template for the internal development of necessary line of business operating procedures.