The CFPB Released Their Updated Exam Procedures to Address the New Requirements of the Military Lending Act

October 3, 2016July 7, 2020 Dean

The CFPB has released their updated exam procedures to align with the requirements of the amended Military Lending Act. The Military Lending Act was amended in July 2015 to provide further protections to service members and their families when they are acquiring certain types of credit. Most Creditors are expected to comply with the new regulations by October 3, 2016 and most credit card companies are expected to comply by October 3, 2017. The CFPB will begin to evaluate financial institutions’ implementation plans to address the new requirements of the Military Lending Act as early as October.

You can read more about the Military Lending Act and the CFPB’s updated exam requirements here:

http://www.consumerfinance.gov/about-us/newsroom/cfpb-releases-updated-exam-procedures-military-lending-act/

Written by Dean

Dean Brown is a seasoned business professional with 20 years of audit experience. Dean specializes in System and Organization Controls (SOC) audits, which he has been conducting as the principal auditor since 2014. Dean has also conducted numerous controls, IT, operations, compliance and forensic audits over the duration of his career. His experience involves financial, IT, SOC (SOC 1, SOC 2, SOC 3 and SOC for Cybersecurity), operations and compliance audits, examinations, review and consulting engagements. Dean is a subject matter expert in SSAE18/SOC 1, SOC 2 audits, ISO 27001, enterprise risk management, internal controls, information security management systems, and IT governance models. Dean began his career as an auditor at a Big 4 public accounting firm where he audited multiple fortune 500 companies. Later in his role as a lead auditor at a fortune 500 company he managed teams in the United States and Canada and was instrumental in the management and successful completion of a company-wide project that successfully transition the company to a new operating business model. Dean is responsible for crafting, communicating, and reinforcing CompVisory’s vision and mission, and empowering the CompVisory team with the guidance and resources necessary for their achievement.