Case Study

Exam Readiness Assessment

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The Challenge

The client had not previously been examined by the CFPB and was resource constrained due to an impending merger causing them to seek assistance from an experienced advisor to help prepare exam response materials.

The Solution

Critically evaluated the examination request letter, identifying appropriate response materials. Took ownership for the assembly and refinement of key response deliverables in order to lessen client’s resource constraints.

The Benefit

  • Augmented the client’s existing staff in both number and technical knowledge
  • Fulfilled the competing demands of an impending merger and preparation and response to their comprehensive, inaugural CFPB examination

A mid-sized bank was in the midst of preparing for an impending merger. Then they received a request letter for their first CFPB examination. The examination was of deposits, with a focus of Reg E and Reg DD.

The client contacted Bridgeforce for expertise in regulatory compliance and examination management, and to augment staff who were struggling to manage both day-to-day responsibilities and merger-related activities.

Specifically, Bridgeforce was engaged to:

  • Evaluate the examination letter to outline required response materials
  • Leverage firm tools and resources (e.g. regulatory applicability matrices, checklists) to provide guidelines for response materials to ensure in-scope regulations were covered and response shortcomings avoided where possible
  • Led the collection and assembly of specific elements of the response package

Perform a comprehensive review of the entire response package and supporting detail before submission