By: Sara McLane, Senior Consultant at A-LIGN
During the ACA Int’l Conference last week, we answered many questions regarding the CFPB exam and what offerings we, as an independent third-party audit firm, can provide the ARM industry in preparation for the highly anticipated exam. Below is a list we have compiled of the most frequently asked questions regarding the actual CFPB Examination and A-LIGN’s Readiness Assessment Services:
CFPB Examination Frequently Asked Questions
Q: How long is the actual CFPB Exam?
A: The CFPB estimates a 6-8 week process for the examination. However, larger companies may be subjected to longer timeframes.
Q: Are smaller firms subjected to the CFPB Exam?
A: Debt Collection/ Collection Agencies should have an effective Compliance Management System (CMS) in place regardless of their size or larger market participation as the CFPB can elect to examine any collection agency.
Q: How long is your typical Readiness Assessment?
A: Our CFPB Readiness Assessment can take approximately 2 to 4 months. Length of the assessment, for the majority of companies, is based on time accrued for remediation efforts. The actual onsite portion of the assessment accounts for 2-3 weeks out of the overall timeframe.
Should you have additional service needs, such as SSAE 16 Examination or PCI DSS Validation, the time, scope, and price of your readiness exam should decrease due to overlapping topics covered in your prior examinations.
Q: What is the typical cost for a CFPB Exam Readiness Assessment?
A: Price factors include: company size, scope, remediation assistance, and guidance needed in program development to meet CFPB examination standards.
To receive a free price quote for your company, please contact us at 888-702-5446 or submit the short form to the right.
Q: I know we do not have the proper documentation of controls in place; can you help with our actual document creation?
A: Yes. After the initial Gap Analysis, if remediation is necessary, we can assist in building proper documentation of policies and procedures to support any findings in the Gap Analysis.
Should you have additional questions regarding A-LIGN’s CFPB Exam Readiness Assessment, please feel free to visit our CFPB Exam Readiness Service Page.