January 05, 2022

NAFCU, CFPB meet to discuss CMS-IT exams

CFPBMembers of NAFCU staff Tuesday met with the CFPB to discuss the Compliance Management System Information Technology (CMS-IT) exams. The exam procedures were published by the CFPB in September and provided an overview of the exam manual, which is divided into five modules:

  • Board and Management Oversight;
  • Compliance Program;
  • Service Provider Oversight;
  • Violations of Law and Consumer Harm; and
  • Examiner Conclusions and Wrap-up.

Member credit unions are encouraged to review the manual and the association would like to remind credit unions that the CFPB has started administering these exams. NAFCU continues to engage the CFPB to discuss exam expectations and ensure exam procedures are clear and helpful to credit unions.