Press
Resources Offered to Assist Financial Institutions Meet Emerging Regulatory Expectations for “Responsible Business Conduct”
FREDERICK, MD (July 25, 2013) — While the concept of financial institutions conducting compliance risk assessments has been around for a long time, a push to elevate the concept to “self-policing,” including “self-reporting” to regulators is receiving additional attention following the release of the Consumer Financial Protection Bureau’s “Responsible Business Conduct” bulletin.
The CFPB’s “Responsible Business Conduct” bulletin, released June 25, 2013, includes new expectations for what constitutes “responsible” conduct when it comes to compliance risk. Institutions that are deemed to be conducting business “responsibly” may find themselves treated with more leniency should enforcement action be required. Presumably, institutions that don’t comply with the CFPB’s expectations could find themselves facing harsher treatment at the hands of its regulator.
To assist financial institutions in understanding and addressing these rising regulatory expectations, NeighborBench has developed two new resources.
First, NeighborBench has prepared a Plain English Summary of “Responsible Business Conduct” Bulletin. This document contains not only the full text of the bulletin, it includes highlights of key concepts of each section of the document and a brief “plain English” summary of each paragraph. The document is available at no charge by contacting NeighborBench’s Mike Lane at mike.lane@neighborbench.com or 1-888-972-3624, ext. 7015.
Secondly, NeighborBench will be conducting a 90-minute webinar called How to Practice Safe “Self-Policing” With a Compliance Risk Assessment: Keeping Pace with Rising Regulatory Expectations. The webinar, scheduled for Aug. 29 at 12 pm Eastern, will be conducted by Ken Agle, president of NB Risk Partners and a 25-year veteran of regulatory risk management.
The webinar will cover the four key areas addressed in CFBP Bulletin 2013-06: 1) Self-Policing, 2) Self-Reporting, 3) Remediation, and 4) Cooperation, as well as how financial institutions can meet rising expectations without further straining resources that may be already stretched thin. Registration information is available at the firm’s website, NeighborBench.com.
NeighborBench’s unique compliance solution combines the latest in automated tools with experienced professionals to help reduce the primary challenges of compliance: cost, time, resource requirements, and the disruptive nature of traditional consulting firm solutions. Learn more at www.neighborbench.com.