The Consumer Financial Protection Bureau (CFPB) recently announced the development and implementation of a supervision program focused directly on service providers – the National Information System Supervision Program (NISSP), which is a comprehensive examination program new to service providers in the financial services industry.
NISSP has started supervising large service providers in the depository and non-depository financial services industries including electronic system platforms, software packages and other types of technological tools.
Service providers need to have robust Compliance Management Systems (CMS) to ensure they provide technology that supports compliance with all 18 consumer protection laws and examination support processes to support the CFPB examination. To learn more, read A&M Financial Industry Advisory Services Managing Director Anthony Gibbs’ article below.
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