Real Estate Compliance and CFPB Compliance

Recently, Braden Perry discussed Real Estate encryption and client privacy with Virtru Business Solutions Blog and described how the Consumer Financial Protection Bureau (“CFPB”) monitors compliance and privacy.

The CFPB is designed to help consumers across the financial industry, said Perry. And company culture is often the biggest obstacle to CFPB compliance: “Many regulated companies are “reactive,” meaning that they do not anticipate issues but wait for issues to arise and then act or “react.” [They’re] short-sighted, looking at the near-term and not focused on long-term goals. “Proactive” companies are forward looking, not only in anticipating issues that might arise, but in having clear directions and goals.”

Perry recommended that companies remain open to change. Reactive organizations tend to resist security initiatives, creating an “uphill battle” for compliance staff. To succeed, organizations need full management buy-in.

Braden Perry Discusses Red Flags and Complaints with the Center for Auto Finance Excellence

Braden Perry, partner at Kennyhertz Perry, LLC, recently provided tips on dealer compliance with the Center for Auto Finance Excellence. Complaints to the lender “should be logged and kept as part of their books and records, and the lender should request review of these complaints regularly as part of their compliance program,” he says. And if a regulator comes calling, including the Consumer Financial Protection Bureau, “it is imperative that the lender can provide information in a clear and efficient manner and be able to defend its compliance plan and convey to the regulators that it reviews its dealers and takes consumer protection seriously.”

Perry Featured in Corporate Secretary Article on the Walmart Ruling and Board Governance

Braden Perry was recently interviewed by Corporate Secretary regarding the Walmart v. Indiana Electrical Workers Pension Trust Fund IBEW ruling, imputing knowledge on Board of Directors.  The ruling, which many believe will expand director accountability for knowledge of documents never received and cloud the attorney-client privilege, allowed institutional investors to inspect corporate documents related to Walmart’s internal investigation of suspected bribes at its Mexican operations.  According to Perry, “companies should have clear policies that outline documents subject to books and records requests. There should also be clear reporting and communication lines to ensure board members have knowledge of facts for which they may be held accountable.”

Braden Perry Speaks with Fiduciary News on 401(K) Plan Fees

Kennyhertz Perry’s Braden Perry recently spoke alongside other industry experts regarding 401(k) plan fees and the issues surrounding benchmarks. The article in full is as follows:

Every 401k plan sponsor wants to know the answer to this question. Every plan participant would benefit if their plan sponsor would know the answer to this question. Every industry reporter, analyst and pundit think they know the answer to this question. Every regulator knows there’s no right answer to this question.

How to Become Successful in Compliance

Kennyhertz Perry’s Braden Perry, a former federal enforcement attorney and Chief Compliance Officer of a global financial firm, was recently asked by ComplianceCrossing.com, home to the largest collection of compliance jobs on Earth, to provide advice on how to become successful in compliance. The article in full is as follows: