WAC 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.