A company’s legal representation should not be present during an exam from the Consumer Financial Protection Bureau, according to Richard Miller, director of compliance at Hyundai Capital America.
“There’s a different level of animosity that comes with having a separate legal counsel in that role as a participant in the exam. It definitely doesn’t run as smooth as it would without them,” Miller said at the Auto Finance Risk & Compliance Summit in May.
Miller, along with Toyota Financial Services’ Chief Compliance Officer Linda Iannone, told audience members the top “dos and Don’ts” when prepping for a CFPB exams while speaking on a panel at the summit.
Companies should know the organization “extremely well,” and who the subject matter experts are in each department, Iannone said.
“When the regulators come, you don’t want to be fumbling around,” she said. “The regulators are going to expect very prompt responses and I understand that the CFPB will only give you 24-to-48 hours to respond.”
Hear more advice from Miller and Iannone in the video below – the second in our four-part video series on Coping with Exams: