Do compliance needs change with asset growth?

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Question:

For financial institutions approaching $10 billion in assets in the next 3-5 years, what steps should they be taking over the next few years (outside of auditing/examining compliance topics) to be in a healthy compliance position come CFPB oversight?

Answer:

Reviewing any publications by the CFPB that are particular to the banks which they have oversight of. We all follow the same regulations, but there are slight nuances so watch for those, and especially enforcement actions. Complaint resolution would be a major difference as well. I believe you may find more adjustments are needed in the management, loan, accounting side of the bank than in regulatory compliance.