Compliance management systems are a “fundamental focus of supervision” for the CFPB, regardless of whether a given entity is a bank or nonbank, a top official told members of the industry recently. During a recent webinar sponsored by Inside Mortgage Finance, an affiliated newsletter, Ann Thompson, a senior analyst in the CFPB’s Office of Supervision Policy, discussed the critical relevance of a sound and solid CMS. “We think that a fully developed compliance management system is important because it should lessen risks to consumer and reduce the potential for violations of federal consumer financial laws,” Thompson said. “Even though the CFPB does not require a particular CMS structure, our supervisory experience has found that an effective CMS commonly has four ...