What the Consumer Financial Protection Bureau ... - Venable LLP

WHAT’S THE COST OF NONCOMPLIANCE?Potentialcurtailmentof businessBadcustomerexperienceScrutiny byregulatorsMonetarypenalties•In today's rapidly changing regulatoryenvironment private schools areconfronted by a growing number ofcompliance challenges including difficultyfrom a resource perspective to addressthe many changes concurrently•Schools that invest in ongoing monitoringand conduct frequent monitoring as partof a mature compliance framework candrastically reduce the business andfinancial consequences associated withnoncomplianceLoss ofcustomersBranddamageLitigationsandlawsuits•In addition to immediate and short-termimpacts such as monetary losses,litigations and brand damage, schoolsalso risk negatively impacting theiraccreditation and rations with the CFPB,which in turn can affect the ability toexecute key growth strategies