Archives for October 2021

ROSWELL,
Ga. — In support of its Eterna customers in the ARM industry, Learn.net has
updated its library with the latest Regulation F training.

Learn.net
has been working with Accounts Receivable Management (ARM) companies since
2017.  Their compliance platform, Eterna,
teaches through daily questions which take around 60 seconds to answer and give
agencies – insight into their employees’ level of understanding of regulations
and policies.  Learn.net’s library of
content includes educational questions and reinforcing feedback on Federal and
State laws.

When the
Consumer Financial Protection Bureau (CFPB) issued two final rules under the
Fair Debt Collections Practices Act (FDCPA). Learn.net invested in
instructional design resources and industry experts to create Regulation F
content for their current ARM customers, which is available at no additional
cost.

With the
November 30^th deadline for Reg. F implementation right around the
corner, Learn.net encourages collection agencies, debt buyers, and first-party
collectors to take advantage of free training with Eterna.

About
Learn.net: 

Learn.net
is a software company specializing in the delivery and analysis of online
training via microlearning.  Learn.net’s
compliance platform, Eterna, helps companies improve learner retention through
repetition, maintaining awareness, and creating documentation for use in an
audit or as a defense in lawsuits. 

Contact:

Kim.Summerlot@learn.net

(717)
798-5115

Regulation
F (Reg F) has led to increased conversations about consumer contact, especially
when it comes to two important terms: Preference and Consent. These terms may
sound similar, but they are not interchangeable. And there is a lot of risk –
regulatory, legal, and strategic
– in confusing the two.

Those
confused about the differences might email or text someone without their
consent (i.e., legal / regulatory risk) or miss potential contacts with
consumers by failing to take advantage of their preferred methods of contact
(which may not require consent, but will impact business outcomes).

But
wait, there’s more! You also need to understand how Preference and Consent
relate to Inconvenient Calling Times/Places/Mediums under the Fair Debt
Collections Practices Act (FDCPA) if you want to avoid adding an additional,
substantial layer of risk.

Looking
for a primer on the differences between consent, preference and inconvenient
calling times/places? You found it.

Regulation
under Reg F vs. Suggestion

Before
we get to the differences between Consent and Preference, it’s important to
note a concept which already existed under the FDCPA, but has received some new
fame under Reg F: Inconvenient Times/Places. Reg F makes it clear that if a
consumer notifies your agency that a particular medium (e.g., email, phone,
text) is inconvenient, or that a particular time or place is inconvenient, you
must not contact the consumer through that medium, or at that time, or at that
place.

—-

Want
more collections strategy insight like this? Sign up for the iA
Strategy & Tech Newsletter.

—-

Consent often refers to consent to dial a cell
phone under the TCPA. There are rules and requirements under the TCPA regarding
this topic; however that is a different article for a different day.

• Reg F requires a consumer to consent to receive email and text communications or refers to consent a consumer might provide after the consumer has previously designated a time or place as inconvenient. 

• Reg F does not require a consumer’s consent to make an outbound call (unless of course the consumer has opted out of calls or stated phone calls are inconvenient). 

Preference is just what it sounds like:
obtaining and using the method of contact that consumer prefers. Though it’s mentioned in Reg F, the new
rule does not explicitly require companies to use the consumer’s
preferred method of contact, nor does it require you to determine the consumers
preference before sending a communication. 

That said, a consumer might say they prefer not
to be contacted at a specific time or place, in which case your agency would be required to abide by that preference
(since they are notifying you of an inconvenience).

Reg F now imposes certain requirements creditors
must follow for an agency to rely on consent to email provided by a consumer to
a creditor. 

For example, if a consumer has provided consent
to be contacted via email and text, and has not designated any medium of
communication as inconvenient, you can contact them using any of these mediums,
even if they seem to prefer one over the others. However, if a consumer provides
an email address and states “don’t text me or call me ever again,” your agency
would only be allowed to communicate with that consumer via email.

There are potential legal ramifications for
taking certain actions without the consumer’s consent. However, there are no
such legal ramifications for ignoring communication channel preference (yet),
unless the consumer has specifically told you that other communication channels
are inconvenient.

New requirements for creditors/issuers

Consent is almost always initially captured by
creditors/issuers. For instance, if you sign up for a new credit card, your
terms of service may include permission to contact you via SMS, email, etc. You
have to give the company permission to contact you using those methods, and
typically, that involves also providing the creditor your cell phone number or
email address. Creditors/issuers commonly transfer consent to first party
agencies, and more recently, transfer to post-charge off, third-party
collections partners.

However, Reg F now imposes certain requirements creditors must follow for
an agency to rely on consent to email provided by a consumer to a creditor. 

Reg F does not provide a means for consent to
text provided to a creditor to be passed through to an agency. Consent can certainly
be obtained or revoked while an account is with a third-party collection
agency, but it often originates from the creditor and doesn’t change unless
specified by the consumer.

Preference can also be captured by the
creditor/issuer, however, the mechanisms to transfer this information to
third-party collections partners are not well developed. The concept of
preference is newer, especially in the third-party collections space (not least
because outreach beyond snail mail and phone calls is relatively new in this
space, too).

Best practice: capture and validate Preference
throughout the lifecycle of an account, since a consumer’s preference could
easily change especially once an account is charged off.

What this means for your collections strategy

Remember this: Consent says can. Preference says should.

In establishing your collection strategy it’s
important to recognize the distinction between these two concepts. Without
consent, there are certain things your agency cannot do. Not knowing the
consumer’s preference will not affect your strategy; however knowing a
consumer’s preference can help you determine the best strategy.

For example: if a consumer has not designated
email as inconvenient and you know you can contact
them via email (because the original creditor did what they were required to do
under Reg F, thus you have consent), and it’s cost effective, there’s no reason
not to use that contact method. However, if you know the consumer doesn’t
respond to email, and they prefer SMS and
have given you consent to use SMS, why
would you use email as a contact strategy when you know it won’t work? Building
a cost-effective and efficient contact strategy requires using both consent and
preference to achieve the best results. Each company’s approach will vary; with
some choosing to focus on cost first, and some focusing on results first.
Either way, looking first at consent and then at preference when building
strategy will have an impact.

Until recently, the only control a consumer had
over contact was consent. Now, with the increased focus on consumer
empowerment, understanding consumer preference is key to a healthy collections
strategy.

—–

Erin
Kerr is the Director of Content for iA
Strategy & Tech –
a digital resource for collections strategy executives – and the Executive
Director of the iA Innovation Council. She is a seasoned receivables
management professional, with recent experience in digital strategy and a
passion for crafting digital solutions for a better customer experience.

Missy
Meggison is General Counsel and Executive Editor at insideARM and the Executive
Director of the Consumer Relations Consortium.

PEACHTREE CORNERS, Ga — The First Financial Asset
Management (FFAM360) family of companies,
which provides revenue-centric solutions to specifically
address all phases of the credit and revenue lifecycle, is continuing its
annual breast cancer fundraising campaign. To make an impact in the fight against breast cancer, throughout October, which is National
Breast Cancer Awareness Month, FFAM360 will be partnering with Greater California Financial Services (GCFS) to fundraise for the Breast Cancer Research Foundation (BCRF) by collecting donations. 

Committed
to the Cause

FFAM360 has been fundraising to help the Breast Cancer Research Foundation for five consecutive years. The FFAM360 team reaches out to partners, colleagues, business associates,
employees, and friends to encourage donations. Giving is encouraged within the
FFAM360 team by supplying breast cancer awareness bracelets, entry for special
door prizes, and a grand prize of an Amazon gift card for $150. Random
prizes are also given away throughout the month to those wearing pink in
support of the cause. 

Raising
Hope

Over the last two years, FFAM 360 has raised over $2,000 through this fundraiser. The team is working hard to double that this year to raise hope in what has been an especially challenging year for many families facing cancer and other medical issues. Donations this year have already reached $3,000. 100% of funds raised go directly to BCRF.

The FFAM360 team is dedicated to empowering the success of others by going above and beyond and living out the Golden Rule. This annual fundraiser is one of the ways the FFAM360 team chooses to stand united in the service of others. To join in the fundraiser with FFAM360, please visit the fundraiser link to make a donation.

How
BCRF Works

The BCRF is the largest private
funder of breast cancer research in the US and supports 250 researchers
around the world. The scientists and investigators chosen by BCFS are carefully
reviewed and selected by the foundation’s Scientific Advisory Board based on
their innovation and position to advance research. For instance, in 2018 one BCRF-supported research team conducted a trial that confirmed most women
with early-stage, ER-positive breast cancer can forgo chemotherapy. This is
just one example of the types of tangible impacts research can make on the
lives of patients. 

About
Breast Cancer Research Foundation

BCRF, founded in 1993 by Evelyn H. Lauder, works to
achieve prevention and a cure for breast cancer by providing
critical funding for innovative clinical and translational research at leading
medical centers worldwide, and increasing public awareness about good breast
health. Since its inception, the foundation has raised over $1 billion to support
research at medical institutions across the globe conducting the
most advanced and promising breast cancer research that will help lead to
prevention and a cure.

About
First Financial Asset Management (FFAM360)

FFAM360 deploys world-class people, operations, and technology to
deliver revenue cycle solutions to their clients that optimize their credit and
revenue lifecycles. Founded in 2002 with the vision of creating a best-in-class
organization that provides comprehensive solutions across the Insurance
Subrogation, Healthcare RCM, Financial Services, and Human Resource Staffing
sectors, FFAM360 has achieved many significant awards and recognitions
including being recognized by the Women’s Business Enterprise National Council (WBENC) as a Certified Women-Owned Business Enterprise. FFAM360 is
headquartered just outside Atlanta, GA, with additional offices in Phoenix, AZ, and Paso Robles, CA.

To learn more about the Breast Cancer Research Foundation, please visit bcrf.org. 

To join in the fundraiser with FFAM360, please visit the fundraiser link to make a donation.

On July 8, 2021 I woke up to the news that a Plaintiff lacking an attorney had beaten a big defense firm in a TCPA case and obtained a ruling seemingly neutralizing Facebook at the pleadings stage.

The decision in Gross v. Gg Homes, Case No. 3:21-cv-00271-DMS-BGS, 2021 U.S. Dist. LEXIS 127596 (S.D. Cal.  July 8, 2021) appeared to be the height of judicial indifference to Facebook.

The Court held directly:

“The newly clarified definition of an ATDS is more relevant to a summary judgment motion than at the pleading stage.”

Ugh. Gross.

Worse, a cascade of lightly-reasoned ATDS decisions followed. Gross, it seemed, had enabled courts to take the easy way out on Facebook and had opened the door wide to judicial can kicking.

Well–in full credit to the defendant–it took a shot on reconsideration and has now prevailed in convincing the Gross court to change its mind completely.

In a fascinating ruling, the Court in Gross v. Gg Homes, Case No. 3:21-cv-00271-DMS-BGS, 2021 U.S. Dist. LEXIS 198339 (S.D. Cal.  October 14, 2021) the Court explained that the Defendant hadn’t really even briefed the issue the first time:

Defendant’s argument concerning Duguid was limited to one paragraph at page 17 of its 25-page brief. (See ECF No. 6-1 at 27:11-17.) Similarly, Defendant’s argument that the targeted nature of the texts at issue contradicts Plaintiff’s allegation that Defendant used an ATDS is limited to a single paragraph at page 18 of its brief. (Id. at 28:1-14.)

While one may wonder about the light treatment afforded the issue originally, Defendant certainly did not waste its second opportunity.

On reconsideration the Defendant argued that the Court had made a plain error in refusing to address Facebook at the pleadings stage–and the Court agreed, even walking back its original holding:

Defendant reframes the Court’s Order as suggesting that “the ATDS issue is never properly decided at the pleadings stage.” (ECF No. 14-1 at 13 (emphasis added).) The Court disagrees with this interpretation, as the Order simply addressed the relevance of Duguid to the particular circumstances of this case, and not to all cases involving ATDS allegations.

Wow!

The Court goes on to find that because the text messages at issue were targeted–i.e. addressed to a specific person–that they definitively could not have been sent by an ATDS since no random number generation was apparent:

The targeted nature of the underlying texts contradicts the notion that Plaintiff’s telephone number could have been produced through a random or sequential number generator. Because this contradiction renders implausible the allegation that Defendant sent the texts using an ATDS, the [lawsuit] is subject to dismissal.

So there you have it–arguably the single worst ATDS case post Facebook just became one of the best for use in pleadings-stage cases.

There’s a good lesson here, of course, for TCPA litigants. Don’t go light on Facebook arguments. A paragraph here or there does not do the issue justice. Fulsome briefing leads to strong results–as the Gross saga makes clear.

There are 43 days left until November 30, 2021, when Regulation F (Reg F) goes into effect. Excluding weekends and Thanksgiving, there are only 30 (yes… THIRTY) business days left for ARM entities to ensure they are ready to comply with the new requirements. 

Last week, we wrote about the actions creditors need to take to ensure that their accounts will continue to be collected after November 29, 2021. This week, we’d like to bring attention to Consumer Financial Protection Bureau (CFPB) resources that ARM entities may find helpful as they continue to work toward complying with the rule. 

Questions portal

The CPFB has a portal where entities can submit questions regarding CFPB rules (including Reg F) directly to the Bureau’s Office of Regulations. The CFPB will respond in 10-15 business days, and they will let you know if they need more time. Although responses are not official interpretations and are not a substitute for legal counsel, they can be helpful for guidance. Additionally, submitting questions through this portal will allow the CFPB to see whether certain portions of Reg F are more confusing than others and may need additional explanatory materials.

Plain language and other guidance materials

In addition to allowing the public to submit questions directly through the portal, the Office of Regulatory Implementation and Guidance provides plain language materials to help people understand the CFPB’s rules. 

These resources include:

• Executive summaries
• FAQs
• Fact Sheets
• Compliance Guides
• Webinars
• Coverage Charts

Updates regarding the Rules

The CFPB has also provided a means for people to receive updates regarding debt collection rules via email. You can sign up for updates from the CFPB regarding Reg F here  (make sure to scroll down for “Rules related to debt collection”). 

insideARM Perspective:

The effective date of Reg F is right around the corner; it will be here before we know it. Many ARM entities continue to struggle with how to interpret and implement the rule in the safest and most effective manner. Although these resources have been offered by the CFPB for quite some time, their existence may not be common knowledge. They may help provide guidance on interpretation and implementation challenges, and with November 30th right around the corner, ARM entities that were not previously aware of these tools may want to look at them sooner rather than later. 

WILMINGTON,
Del. — Phillips & Cohen Associates, Ltd. (PCA), is the global
leader in deceased account care servicing and technology solutions. The death
tech conglomerate focuses on innovation across four verticals: life planning,
beneficiary support, executor support and estate account resolutions. PCA’s
mission is to innovate the business side of death to make navigating the
process more compassionate and less complex. PCA’s services span the globe
operating in the US, Canada, UK, Ireland, Australia, New Zealand, Spain,
Portugal, Germany, and Italy.

To help
further this strategic and innovative future, PCA is pleased to announce that Shawn
Farris has joined its senior leadership team in the newly created role of Senior
Vice President, Digital Operations.

Farris is a
proven leader and seasoned executive within the Accounts Receivable Management
industry with an extensive background in leading transformational change.
 Farris has served in a number of senior roles, including as Chief
Operating Officer previously and specializes in strategic and transformative
leadership with an emphasis on digital evolution.

Adam S.
Cohen, Co-Chairman/CEO commented, “These are exciting times for our
organization as we look to transform our already strong digital capabilities while
introducing new products and entering new markets. We are thrilled to have
Shawn as a member of our leadership team, and he will play a critical role in driving
this strategic transformation.”

Farris
commented “Phillips & Cohen Associates has a long-standing reputation for
being a high energy, value-based company focused on compassion and innovation. I
believe that the ARM industry is in the midst of a digital awakening and I am
excited at the opportunity to help drive that digital vision at PCA in a way
that continues to put the consumer at the heart of everything we do.”

Nick Cherry,
Chief Operating Officer added, “We are delighted to add a transformative leader
such as Shawn to our executive group. Working with our existing team, we
believe Shawn will provide vital strategic insights to delivering our digital
vision of the future.” 

About
Phillips & Cohen Associates, Ltd.

Phillips
& Cohen Associates, Ltd. is a specialty receivable management company
providing customized services to creditors in a variety of unique market
segments.  Phillips & Cohen Associates, Ltd is domestically
headquartered in Wilmington, DE, with additional offices in Colorado and
Florida as well as international offices in the UK, Canada, Spain, Germany, and
Australia.  For more information about Phillips & Cohen Associates
visit www.phillips-cohen.com. PCA provides
Equal Employment Opportunity for all individuals regardless of race, color,
religion, gender, age, national origin, disability, marital status, sexual
orientation, veteran status, genetic information, and any other basis protected
by federal, state, or local laws.

OGDEN, UT — PDCflow, in partnership with a leading Merchant
Service Provider (MSP), now supports the ability to reduce costs while
collecting online credit card payments with Zero Cost Processing.

Through this feature, merchants can charge consumers a
Technology Fee for the hardware, software and security for online transactions,
replacing the traditional MSP billing structure. Along with savings, Zero Cost
Processing offers flexibility. Merchants can choose how to accept credit card payments and
which types of payments should be offered.

“Many
of our customers have asked to use this type of processing for their credit
card transactions and we’re very happy to now offer support for this type of
merchant account,” says PDCflow Product Manager Kristen Makanoa.

Zero Cost Processing accounts are special accounts a merchant
and their MSP have arranged. Each individual transaction made toward a Zero
Cost Processing account includes a small fee, which is added to the cost of the
transaction.

That small fee is added to a payer’s transaction amount as a
Technology Fee. These accumulated fees replace a merchant’s MSP processing
bill.

For those interested in
signing up for a Zero Cost Processing account for use within the PDCflow
system, contact sales@pdcflow.com today. 

About PDCFlow

PDCflow is a payment software that empowers organizations to
engage consumers through digital communication and digital payment channels.
With patented FLOW Technology, the software gives businesses flexibility and
control over the secure delivery and capture of business transactions,
including payments, signatures, photos and documents through digital channels.

Flexible and customizable APIs allow platforms to easily
integrate, giving their users the ability to accept payments through multiple
channels and electronic communication methods while keeping their software out
of PCI scope. Integrators save on the cost and time of PCI compliance while
still having control over their user experience.

Programming and customer
operations for PDCflow’s national client base have been completed in-house in
Ogden, Utah, since the company’s founding in 2003. Find out more about PDCflow
at https://www.pdcflow.com/.

MINNEAPOLIS, Minn. — ACA
International, the world’s largest trade association for the accounts
receivable management industry, has named Scott Purcell as CEO effective on
Jan. 1, 2022.

“The Board of Directors conducted a rigorous search and is
confident Scott is the right person to fill the CEO role at this critical time
for the industry,” said ACA President Kevin Baich. “He has all the right
qualities and passion to lead ACA forward.”

Purcell is president of Professional Credit in Springfield, Oregon.
He served as 2020/21 ACA president. He succeeds Mark Neeb, who will retire as
CEO effective Dec. 31, 2021.

“I’m grateful for the incredibly hard work Mark has done to so
effectively structure ACA in a way that truly Helps Members Succeed!” Purcell
said. “Mark started that motto and I intend to continue it. ACA is an
incredible organization whose members are making a real difference in the
quality of life for every American family by helping make our credit-based
economy work as it should. My leadership and insight as the leader of a very
successful agency, my passion for the industry, and my recent experience as ACA
president, enables me to effectively represent the voice of the industry to our
legislators and regulators. The team at ACA is full of talent and I look
forward to being an integral part of this amazing team.”

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Purcell graduated from Oregon State University with a bachelor’s
degree in accounting and worked as a CPA and chief financial officer for
several organizations. He joined Professional Credit as its chief operating
officer in 2010 and was promoted to president in 2015.      

He is an enthusiastic supporter of the accounts receivable
management industry, as well as ACA’s leading-edge education and insights. He participated in
ACA’s Level Up leadership event for the last several years and was twice
honored with ACA’s Warren Siem Award for innovation.      

He has presented at several ACA events, volunteered with
multiple ACA committees—chairing ACA’s Budget and Audit Committee—and earned
the Fellow, Scholar, Healthcare Collection Management and Professional
Collection Specialist designations. He was elected to the ACA Board of
Directors in 2017 and served as 2018/19 treasurer and 2019/20 president-elect.    

Neeb served as CEO since Feb. 12, 2018. Before
that, he was president and CEO of neebEDU, a debt recovery company serving the
student loan market he founded in 2014, and president and CEO of The Affiliated
Group, a nationally licensed receivables management firm.

“Scott will do a fine job
leading our association,” Neeb said. “His industry experience, knowledge
of how ACA’s leadership and governance works and financial acumen will be a
huge benefit to all members.His compassion and even-handed approach when it
comes to balancing the needs of our businesses with those of consumers will be
an added advantage in our advocacy efforts in Washington, D.C., and across the
country. Also, in my opinion we have the finest staff at ACA in our history and
I’m sure great things will follow. As for me, I want to express my appreciation
for the opportunity to be ACA’s CEO over the past four years and look forward
to seeing how our association flourishes.”

ACA is the largest membership
organization in the accounts receivable management industry. Founded in 1939,
ACA brings together third-party collection agencies, law firms, asset buying
companies, creditors and vendor affiliates representing industry professionals.
ACA produces a wide variety of products, services and publications, including
educational and compliance-related information; and articulates the value of
the accounts receivable management industry to businesses, policymakers and
consumers. www.acainternational.org.

MINNETONKA, Minn. — Central Portfolio Control, was the primary sponsor of the Veterans Fishing Competition which is part of the Time On
The Water charity group. The event featured an all-day fishing event
at Lord Fletcher’s Old Lake Lodge on Lake Minnetonka. With local guides and
a “hero of the day,” Heroes’N Tonka is one of many ways both CPC and Time On The
Water thank the military, firefighters, law enforcement, health care professionals,
teachers, and EMT/EMS personnel for their hard work. 

“Giving back to the community
is a core part of CPC and their staff is dedicated to
making charity one of our primary focuses,” says Mike Lesher, COO of Central Portfolio Control.
“From the top down, CPC is dedicated to serve both our military and honor local
and national heroes that help make this country the greatest in the
world.” 

A Culture of Giving

Whether it be through Saint Jude’s Children’s Hospital, Meals On Wheels, or supporting the
military through the Servicemembers Civil Relief Act, Central Portfolio Control is dedicated to helping both
our local and national communities. Blending CPC’s
mission to provide clients and consumers with the highest quality recovery
services available and exceed client expectations by delivering bottom-line
results comes directly from their commitment to building a workplace culture that
is dedicated to giving back. 

“CPC created and fosters a
strong corporate culture of both professionalism and empowerment. Our
management team continually engages with and explores new opportunities to both
grow our team’s mindfulness and find activities that encourage growth,”
continues Mr. Lesher. “Sponsoring Heroes’N Tonka and Time On The Water is an
extension of Central Portfolio Control’s commitment to our nation’s veterans
organizations. This event was a way for us all to get out and enjoy some time
on the water to grow professionally and emotionally while honoring our service
members who answer the call of duty every single day.” 

Learn More

To learn more about CPC’s
commitment to charities and growing our Accounts Receivables Management (ARM)
community, visit their website’s newsreel and
be sure to follow Central Portfolio Control on social media for
any updates on what events CPC will be at in the future. 

About Time on the Water

Time
On The Water is a Saint Paul, Minnesota-based charity group that was created
to thank the military, firefighters, law enforcement, health care
professionals, teachers, and EMT/EMS workers by providing several
all-expenses-paid fishing trips both local and in Canada. Time On The Water
works year-round to raise money to cover the cost of the events and has no
hardship requirements for veterans to participate. 

About Central Portfolio Control, Inc.

Headquartered in Minnetonka, MN, Central Portfolio Control, Inc. is a full service and nationally licensed collection
agency focused on the recovery of distressed accounts receivable. Since being
founded in 1998, the CPC team has continued to grow the company providing top
quality services to our clients and jobs to our local community.

In September 2021, recognizing that information technology (IT) could impact compliance with Federal consumer laws,  the CFPB published a new section to its examination manual titled, “Compliance Management Review – Information Technology (CMR-IT).”

The new section acknowledges that as part of its Compliance Management System (CMS ) assessment, the CFPB may evaluate the technology controls of an institution and its service providers. The CFPB may also evaluate an institution’s IT as it relates to compliance with Federal consumer financial laws.  

The CMR- IT includes specific questions to evaluate:

• The board of directors interaction and oversight of its IT group (pages 5-7).

• How compliance and IT intersect when it comes to policies and procedures (pages 7-9). 

• How employees are trained on IT-related issues, including security, and how IT staff is trained (page 10). 

• Whether IT functions are properly audited and managed, including QA and QC (pages 12-13).

• Processes, procedures, and responses to IT-related consumer complaints (page 14).

• IT service provider functions and oversight (pages 15-16)

The new exam manual can be found here. 

insideARM Perspective:

Any organization subject to the CFPB should be routinely reviewing its CMS, annually at a minimum,  to ensure it meets the CFPB’s expectations.  When drafting or updating a CMS, these examination manuals are extremely helpful.  While there is always going to be some nuance, the CFPB’s examinations manuals give some pretty clear insight into what they CFPB will be reviewing if they come knocking.