CFPB Articles to Help Banking Organizations Comply with January 2014 Rules

CHICAGO - Baker Tilly has published two educational articles for the banking industry covering the new Consumer Financial Protection Bureau (CFPB) rules that take effect in January 2014. Additionally, a podcast on compliance management system components and CFPB expectations has been recorded for boards and management.
"Now that the rules are final, many organizations need to understand how the rules apply to their company and prepare for January implementation," said Christine Anderson, CPA, CITP, Financial Services Industry Leader at Baker Tilly. "The new rules present challenges for banking executives, boards, and compliance departments depending on the bank size and product mix."
Taking a look at the new CFPB mortgage rules is available online and addresses:

  • Ability-to-Repay
  • Mortgage Services
  • Other rules, including appraisals, escrow accounts, protection for high-cost mortgages, and compensation and qualifications for loan originators

How to prepare for the upcoming CFPB rules is available online and addresses:

  • Who’s exempt from the new rules
  • What your board should know
  • Avoiding penalties and liability
  • What to do now

Compliance management system - the CFPBs expectations podcast is available online and addresses:

  • The four components of a compliance management system
  • The CFPB’s expectations for the four components

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Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,800 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion.