Legal Blog

Compensation and Compliance Matters – December 30, 2013

Five Key January Steps for Lenders By the next time you read one of these blogs, many of the changes we have been preparing for as an industry will have become effective. While the list of changes is far too extensive to summarize here, I did want to identify certain compliance requirements/items that a lender should have done already (or should do immediately) based on what we have been seeing from the CFPB:

  1. Make sure you have a competent chief compliance officer in place. This person should have the training, resources, authority, functional independence, and access to ownership/upper management necessary to achieve all compliance requirements.

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