One thing no one has mentioned yet is that the FAA can pull a CBO status just as fast as they gave it. All it would take is a few complaints to start an investigation into how the AMA is enforcing the safety code to have that CBO status revoked. We all know that the FAA is limited on funds and agents but, with that said, the FAA is the organization holding the cards.
I was watching a You-tube video a while back and the guy that posts on that particular channel went into detail about a bad landing that damaged his ego along with the prop, engine and nose gear of the Piper 235 he was flying. Like the good low hour pilot, he had reported the incident to the FAA, only to get told he was flying illegally. Apparently, the plane had some overdue maintenance that hadn't been done and, when the FAA did some checking of the logbooks, they found the requirements to make the plane airworthy were not met. The required maintenance is being done at the same time the plane is being repaired to make it legal to fly. As far as the pilot, he is being sent to remedial training on how to keep up on what is required to maintain the airworthiness of the aircraft and getting the work done into the logbook. HE felt that the FAA had been easy on him since they could have suspended or revoked his license. Worst part of the whole thing was the bad landing was caused by a sharpened metal pin that pierced and flattened the left main gear tire during the landing. You can see the damaged Piper, along with the disassembly that starts the reparing process here:
You can see the pilot talking about his latest encounter with the FAA over the damaged Piper at the 29:20 point of this video: