Despite leadership changes, the Consumer Financial Protection Bureau continues to influence and shape regulatory compliance requirements for vehicle lenders and servicers. Far from a concrete objective to be achieved and then forgotten, compliance with the CFPB places a fluid and changing set of demands on your company. Making things even more uncertain is the continuing efforts of Congress to undermine the Bureau, new leadership at the CFPB, and the increased activity of state attorneys general and other regulators. One thing is clear, in this regulatory environment, you can’t take your eyes off the ball for a second.
Even though the bureau’s mission of protecting consumers is unchanging, the rules that it implements on an ongoing basis and the penalties for not keeping up require companies to pay attention — and adapt.
That’s why it’s so important to assess your company’s compliance strategy. We have distilled some of the most urgent regulatory topics, with advice for meeting the CFPB’s standards, and will help you evaluate such hot-button topics as:
- Avoiding discriminatory lending practices
- Vehicle repossession under the Servicemember Civil Relief Act (SCRA)
- Ensuring the compliance requirements of critical borrower communications
Download our new “Vehicle Finance Compliance Self-Assessment” now to find out if your company might be at risk of regulatory fines or penalties. Communicating with borrowers in delinquency or in a protected class will always be one of the riskiest and most-scrutinized activities for a servicer, but by designing your compliance management system to anticipate regulators’ concerns, you can minimize the risk and keep the auditors away.
With the trusted experts of LenderLive, we help the nation’s largest vehicle finance companies comply with consumer lending regulations and operationalize compliance throughout their critical borrower communications.