Given the changing regulatory landscape, financial institutions should take steps to evaluate the effectiveness of their compliance management systems (CMS), as well as the organization’s products, services and practices, to determine that they can withstand increased regulatory activity and scrutiny. An effective CMS can more than just effectively comply with the law — it can facilitate an organization’s ability to address more broadly the impacts of their products, services and practices on their communities and consumers.

This article determines what proactive measures finance firms should take to prepare for the CFPB’s forthcoming supervisory activities throughout 2021 and beyond.