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Legal experts and others agree on CFPB compliance initiatives. What you can expect: Make no mistake, the CFPB can examine short term lending companies of all sizes in any region of the country -- and they very likely will. And when they show up with their staff, which may well include attorneys, we fully expect the examination will be unlike anything any operator has ever encountered -- even more extensive than an IRS audit. The CFPB 17 page compliance manual (found here) includes vague and subjective rules still up for interpretation while at the same time being very specific about CFPB enforcement of long standing federal regulations for which most in the industry have never been examined. You will need support from the very best professionals you can find when they come knocking on your door! Borrow Smart Compliance is a total, turn-key CFPB compliance solution for you (click here).
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