The CFPB Training Partner LMS

The Consumer Financial Protection Bureau, or CFPB, is an independent agency of the United States government and is responsible for consumer protection in the financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, and any other financial companies operating in the United States.

The CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions, monitors and reports on markets, as well as collects and tracks consumer complaints. A big portion of their regulation includes fair practices when interacting with clients. Financial institutes must prove to the CFPB that their employees who interact with customers have received some form of training.

As of right now, there are no CFPB certification courses administered by the agency. Instead, financial institutions are realizing that they need to define what a regulatory training program looks like and make sure everyone is being trained correctly. Latitude's ability to help an organization define what it means to be CFPB certified (which is up to the organization to determine what that entails) sets the LatitudeLearning LMS apart from a typical LMS.

Latitude has mechanisms that are built into our LatitudeConnect Suite solutions that allows for financial institutions to carry out their CFPB training program and easily maintain compliance.

First, we are able to understand your definition of what it means to be CFPB certified and successfully express that within our system. The outcome is your course, video, test, etc. easily accessible on your LMS and targeted as required curriculum that will automatically be assigned according to your guidelines (by role, by job title, by individual).

Second, the ability to track who has completed or not completed each requirement outlined in your training program. This information will be vital to share with CFPB auditors, as well as for managers seeking who is certified.

Third, if your organization uses incentives to entice sales, performance, etc., the ability to enable or disable an individuals rights to incentives. A feature within the LatitudeConnect Suite allows for users to view and submit incentives. If certain employees have not completed the required training, our LMS allows for the ability to deny an individual from earning or submitting incentives.

For example, a banking institution has defined a course that every employee who interacts with customers is required to complete once a year. Using a LatitudeLearning LMS the bank is able to set-up and define a course, assign the course depending on job role or title, validate whether or not a certain individual has taken the course, and take action towards employees that have not yet completed the required course.

Conversely, a banking institution that has defined a much more complex curriculum for certifying employees that includes completing three eLearning courses and an online test will have the same exact abilities for training, tracking and incetivizing.

With your proactive definition of what it means to be CFPB certified, and LatitudeLearning's ability to control who has access and who has taken training gives financial institutions the ability to train all employees and prove that they are CFPB certified.

Learn more about how LatitudeLearning meets your unique training needs.