Webinar to Cover What You Need To Know Regarding New FFIEC Consumer Compliance Rating System

January 19, 2017

The FFIEC has finalized the new Consumer Compliance Rating System, and it will become effective March 31, 2017. It emphasizes the importance of a compliance management system (CMS). The agencies developed a consistent way to rate all institutions after an examination – and have it relate to their risk profile. It’s important to know what is new, what is the same, and what examiners will expect!

The new rating system will test the CMS, risk rate the institution, and test the processes the compliance officer has in place to control risk and eliminate the possibility of consumer harm – a major area of regulatory concern. Having a standard compliance policy is no longer enough. There are now three pillars to the rating system.

Join us for part one of a two part webinar series, New FFIEC Consumer Compliance Rating System, Effective March 31, 2017: Oversight & Compliance Management Program, on Monday, January 23, from 3:00 p.m. to 4:30 p.m., which will explore the new guidelines for the first two pillars: board/management oversight and the compliance management program. (Part 2 of this series will cover the third pillar: violations of law and consumer harm.)

For those participating in this webinar, you can expect to learn about:

Board & Management Oversight

  • Oversight and commitment
  • Change management – an important and required component
  • Comprehension, identification, and management of risk
  • Board reporting by the compliance officer

Compliance Management Program

  • Policies and procedures
  • Training
  • Monitoring and/or audit
  • Complaint policy
  • Consumer complaint response

After participating in this webinar, attendees will receive: a sample compliance risk assessment; sample training schedule; outline for a compliance management system policy; sample board reporting schedule; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.

This webinar is offered through the League's partnership with the CU Webinar Network.

To register for this webinar, or for more information regarding the second part this webinar series, Part 2 – New FFIEC Consumer Compliance Rating System, Effective March 31, 2017: Violations of Law & Consumer Harm, on Monday, February, 13, please click here.