Exam Readiness Assessment

The Benefit

• Augmented the client’s existing staff in both number and technical knowledge
• Fulfilled the competing demands of an impending merger and preparation and response to their comprehensive, inaugural CFPB examination

A mid-sized bank was in the midst of preparing for an impending merger. Then they received a request letter for their first CFPB examination. The examination was of deposits, with a focus of Reg E and Reg DD.

The client contacted Bridgeforce for expertise in regulatory compliance and examination management, and to augment staff who were struggling to manage both day-to-day responsibilities and merger-related activities.

Specifically, Bridgeforce was engaged to:

• Evaluate the examination letter to outline required response materials
• Leverage firm tools and resources (e.g. regulatory applicability matrices, checklists) to provide guidelines for response materials to ensure in-scope regulations were covered and response shortcomings avoided where possible
• Led the collection and assembly of specific elements of the response package

Perform a comprehensive review of the entire response package and supporting detail before submission