CARMA Services

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Compliance Audits

CFPB Preparation Audits

Increasing regulation by the Consumer Financial Protection Bureau (CFPB) is causing concern for companies in the consumer financial services industry. Creditors, debt buyers, legal networks, collection agencies, collection attorneys and many other entities are faced with the task of rapidly implementing monitoring programs to ensure consumer protection in order to limit consumer complaints and prevent increased scrutiny by the CFPB, while continuing to execute on their core competencies. Together, these activities can become a monumental and costly undertaking. 

The focus of CFPB Regulation is the treatment of consumers. In this new era of regulation, compliance management is paramount to success. Being the best at your core competency is no longer enough, you must excel in compliance as well.

There is a direct parallel between what Sarbanes-Oxley was to publicly traded companies in 2004 and what the Dodd-Frank Act (that created the CFPB) is to the Consumer Financial Service industries today.

CARMA brings years of experience interpreting government regulations and advising publicly traded companies on compliance requirements, including Sarbanes-Oxley. Our professionals have successfully designed and implemented Sarbanes-Oxley programs since inception of the regulations in the public sector. Let CARMA put this compliance knowledge to work for your firm in developing a compliance program that will satisfy the CFPB and provide assurance that your internal controls are designed effectively and functioning properly.

We will conduct a comprehensive risk assessment of your business entity focusing on a variety of specific regulatory risks, local statutory concerns, operational issues, and financial indicators. CARMA's approach to risk assessments combines an algorithmic approach with qualitative analysis of subjective risk elements. The results of such a risk assessment will allow us to determine where gaps exist in your internal controls and guide the design and implementation of the appropriate compliance architecture.