MVDB February 2021

You are about to get more bosses.

“What,” you say? You already have a boss? You don’t want another one?

The CFPB Is Expanding Enforcement

The Consumer Financial Protection Bureau (CFPB) is hiring more lawyers right now. That matters to dealers who have not yet built a formal Compliance Management System.

If you have not started your compliance program, now is the time. Waiting only increases exposure. Regulators do not expect perfection, but they do expect structure, effort, and documentation.

A Simple Way to Get Started

You do not need to overcomplicate this. I have a simple Word document that can launch your compliance program and help establish the foundation of a CMS. That document outlines accountability, responsibility, and basic governance.

I am proud that Virginia’s Motor Vehicle Dealer Board included this approach in their February edition of DealerTalk. If you would like a Word copy, please call me at 757-434-7656.

Here is where the CFPB is hiring more lawyers. Please notice the scroll bar on the right side of the image. That is not accidental. They are building enforcement capacity.