Wash. Admin. Code § 208-620-585

Current through Register Vol. 24-12, June 15, 2024

Section 208-620-585 - Compliance management system (CMS)

Your CMS must contain, at a minimum, the following functionalities:

(1) Board and management oversight; and

(2) Compliance program, which includes:

(a) Policies and procedures;

(b) Training;

(c) Monitoring and/or audit; and

(d) Consumer complaint response.

For the details of each component, see the Supervision and Examination Manual from the Consumer Financial Protection Bureau (CFPB) at the following link: https://www.consumerfinance.gov/policy-compliance/guidance/supervision-examinations/. The CMS-specific procedures can be used by an entity to self-assess the effectiveness of its CMS.

Your CMS must be maintained as part of your books and records.

Wash. Admin. Code § 208-620-585

Adopted by WSR 18-16-024, Filed 7/24/2018, effective 9/1/2018