Now that the rules are final, many organizations need to understand how the rules apply to their company and prepare for January implementation.
Chicago, IL (PRWEB) December 02, 2013
Baker Tilly Virchow Krause (Baker Tilly) has published two educational articles for the banking industry covering the new Consumer Financial Protection Bureau (CFPB) rules that take effect in January 2014. Additionally, a podcast on compliance management system components and CFPB expectations has been recorded for boards and management.
“Now that the rules are final, many organizations need to understand how the rules apply to their bank and prepare for January implementation,” said Christine Anderson, CPA, CITP, Financial Services Industry Leader at Baker Tilly. “The new rules present challenges for banking executives, boards, and compliance departments depending on the bank size and product mix.”
Taking a look at the new CFPB mortgage rules is available online and addresses:
•Other rules, including appraisals, escrow accounts, protection for high-cost mortgages, and compensation and qualifications for loan originators
How to prepare for the upcoming CFPB rules is available online and addresses:
•Who’s exempt from the new rules
•What your board should know
•Avoiding penalties and liability
•What to do now
Compliance management system - the CFPBs expectations podcast is available online and addresses:
•The four components of a compliance management system
•The CFPB’s expectations for the four components
About Baker Tilly
With more than 1,600 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 131 countries, with 26,000 professionals. The combined worldwide revenue of independent member firms is $3.3 billion.
*According to the 2013 Accounting Today “Top 100 Firms.”