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Managing CFPB Compliance with CLARIFIRE®

Despite ongoing news of changing authority and leadership philosophy, the Consumer Financial Protection Bureau (CFPB) continues to implement and enforce federal consumer financial laws impacting banks, credit unions and other financial institutions. Since the CFPB's creation in 2012 under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the organization has issued extensive regulation, supervisory guidance and enforcement actions against industry participants.

The current environment, although shifting, continues to place stress on the financial services industry. Even the most diligent and conservative businesses have a difficult time keeping up with the extent of possible impact. Under pressures of interpretation and timing of deregulation, financial institutions must be prepared to implement, transition, and revise complex rules and regulations.

CFPB Changes on the Horizon

The CFPB issued a final rule impacting statements issued to borrowers in bankruptcy by mortgage servicers. Alleviating implementation complexity for mortgage servicers under the 2016 Mortgage Servicing Final Rule, the single-billing-cycle exemption will be modified to a single-statement-generation exemption. The intent is to minimize operational impact; however, servicers must still make systemic and operational adjustments to meet either requirement.

Multiple Requests for Information (RFIs) have been issued on a wide variety of aspects of how the CFPB operates. There are a total of nine through the first quarter of 2018, touching on a multitude of topics, to include administrative adjudications, enforcement handling, supervisory processes, consumer complaint reporting, and amending "adopted regulations." The end result is to achieve greater outcomes for consumers and covered entities; however, the long-range impact of research compiled from these RFIs will ultimately impact a number of rules and regulations currently in place. Financial institutions that fall under the CFPB's purview will need to ready themselves to adopt and implement evolving policies and systems.

What's TRID got to do with it?

The industry has moved past TRID implementation, but not so fast, the U.S. House of Representatives recently passed H.R. 3978, the TRID Improvement Act of 2017. This is a package of six bills that cover an extensive amount of legislation. Click here to learn more.


CLARIFIRE has the features and benefits necessary to navigate this next phase of industry complexity. We will be busy helping your organization leverage workflow while complementing existing systems. We instill confidence in your capacity to withstand operational and regulatory disruption, providing subject matter expertise, industry experience and dedicated support models. Clarifire's workflow solutions manage processes that touch current consumer protection regulations, including controls over customer communication, disclosure delivery, application documentation, closing and post-closing document management, servicing transfer, identity, and third-party affiliates. The CLARIFIRE Loss Mitigation workflow process and workout calculator creates efficiencies in the area that costs servicers the most. All CFPB metrics can be accessed directly from your dashboard in real time.

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See why Clarifire is a leader in delivering robust workflow management software to customers with complex compliance management needs. Click here to view additional details specific to:



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