CFPB  MANDATE 

 

CFPB issued Bulletin 2012-03

in March 2012

 

Independent Mortgtage Banks


must create and implement a vendor mangement program based on the CFPB requirements. 

 

Vendor Management

The CFPB issued Bulletin 2012-03 in March 2012 which outlined mandatory requirements for the management of third parties or vendor relationships for all independent mortgage banks known as Third Party Management ("TPM"). 

 

MBS can provide a comprehensive understanding of the CFPB requirements along with essential implementation guidance.

 
Effective implementation of this bulletin is essential and is based on the information from the Federal Financial Institution Examination Counsel, (“FFIEC”).
 
MBS can make sure you understand TPM:
 
  • CFPB Third Party Management Requirements from CFPB
  • Consumer Protection Laws impacted by TPM
  • Third Party Management Policy of CFPB Service Providers
  • Vendor Risk Weighting and Catagory Management
  • How to identify CFPB Vendors
  • Due Diligence Overview and Scope of Work
  • On-Site Testing Requirements
  • Due Diligence cost vs Risk Assurance
  • Service Level Agreement Requirements
  • TPM Performance Requirements
  • Vendor Monitoring
  • Reporting and Contingency Planning
 
Contact MBS to help verify you TPM policy and provedure meets the requirement of the CFPB.