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As part of its debt industry examination procedures, the Consumer Financial Protection Bureau (CFPB) focuses on four objectives:

  • To assess the quality of the regulated entity’s compliance management systems, including its internal controls and policies and procedures, for its debt collection business.
  • To identify acts or practices that materially increase the risk of violations of Federal consumer financial laws in connection with debt collection.
  • To gather facts that help to determine whether a regulated entity engages in acts or practices that violate the requirements of Federal consumer financial laws.
  • To determine, in accordance with CFPB internal consultation requirements, whether a violation of a Federal consumer financial law has occurred and whether further supervisory or enforcement actions are appropriate.
Towards that goal, the CFPB’s auditors and investigators will want access to a variety of your agency’s policies, procedures, and, when applicable, call recordings.

This Operations Guide comes complete with a link to the full video recording of the webinar -- great for use for all-staff trainings and quarterly in-services -- as well as a Certificate of Completion. This is a great resource for tracking training, allowing regulators and clients to see your agency's commitment to continuing compliance and education!

Product: PDF Download, including link to webinar video and Certificate of Completion

Pages: 71 pp

Published: 12 August 2014

From the CFPB’s “Examination Procedures”:

General Considerations 

Completing the following examination modules will allow examiners to develop a thorough understanding of the regulated entities’ practices and operations. To complete the modules, examiners should obtain and review the following as applicable:

  • Policies and procedures
  • Telephone recordings
  • Monitoring procedures

Table of Contents

  1. Call Recording: The Landscape
  2. Single-Party and All-Party States
  3. Acceptable Forms of Notification
  4. Call Recording: The Business Case
  5. Call Recording: Legal Compliance
  6. Call Recording and the CFPB
  7. Policies and Procedures: Call Retention
  8. Frequently Asked Questions: Call Recording
  9. Appendices
  10. Appendix A: insideOperations: Call Recording Transcript
  11. Appendix B: CFPB Examination Manual