The Consumer Financial Protection Bureau (CFPB) announced that it is seeking applications for positions on its advisory groups, the Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC), which serve as key resources to the Bureau by providing valuable input and on-the-ground perspectives.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required that the CAB be established to advise and consult with the Bureau’s Director on a variety of consumer financial issues. The CAB meets three times per year. The CBAC and CUAC were created to ensure that the Bureau receives feedback from community banks and credit unions with asset sizes below $10 billion that are not under the CFPB’s supervision, but may be affected by Bureau regulations. The CBAC and CUAC meet four times per year.
The leadership at Control Solutions International is keenly aware and sensitive to the unintended consequences and burdens being placed on the above described institutions, and furthermore, the impact it’s having on the community banks and regional lenders ability to be profitable. That is precisely why we have been working diligently to minimize the cost while maintaining the effectiveness of our services.
One of the ways we have been able to accomplish this for our customers is by creating a team of experts that have become proficient at working remotely and thereby reducing the cost to the client by eliminating the additional expenses of having a team travel to their location. We have analyzed and refined our process and believe its superior to our competition on several levels.
First, the most obvious would be a more cost effective service for our client. Secondly, the economy of resources our clients have to allocate to our teams i.e., desks, computers, office space and supplies and the more complex issue of community/customer perceptions and staff distractions or anxiety is eliminated completely. Our clients have been able to appreciate all the above mentioned benefits as well as maintaining a level of discretion when dealing with arising compliance issues This has had a positive impact on the companies we work with by proactively dealing with costly compliance inadequacies while maintaining an appearance of business as usual.
By consistently working in connection with the regulatory agencies (CFPB, OCC and FDIC) on C&D Orders, “Look Back” reviews, MOU’s and Independent Audit reporting, Control Solutions International (CSI) can provide the regulatory compliance insight that is advantageous to our clients. CSI’s clients realize the benefits of timely and consistent communication of upcoming changes, challenges they might be facing in the future and developing a plan of action to remedy the current gaps in their compliance requirements.