With the resignation of Richard Cordray and the controversy over who is the rightful interim director of the bureau, predicting where the CFPB will focus in 2018 is difficult. Currently, President Donald Trump’s choice to lead the CFPB on an interim basis is Mick Mulvaney, a critic of the bureau and federal regulation. Mulvaney is currently reviewing every aspect of the bureau’s activities and has issued a freeze on new regulations. While there may be a momentary lull in the new regulations coming from the CFPB, examinations and enforcement actions continue.
In response to the current administration’s focus on rolling back federal regulations, some states have attempted to fill a perceived void in consumer protection. These efforts include an increase in legislation, regulations, and stepped-up enforcement of existing law by state attorneys general. Several states have already ramped up their efforts to regulate the auto finance industry, including Massachusetts, Pennsylvania, New Hampshire, and New York.
More than ever, complying with federal and state requirements place a shifting and unpredictable set of demands on your company. It’s clear that, in this regulatory environment, you can’t take your eyes off the ball for a second.
That’s why it’s so important to regularly assess your company’s compliance strategy. We have distilled the top five best practices to implement immediately, and they explain:
- The importance of absolute accuracy, both in content and delivery, in borrower communications
- Understanding and avoiding UDAAP findings (unfair, deceptive, or abusive acts or practices)
- How and why to be proactive with your compliance management system
Download our new “Top 5 Best Practices” checklist now to evaluate your company’s approach to compliance in the shifting regulatory environment that will continue into 2018.
At LenderLive, we help the nation’s largest vehicle finance companies comply with consumer lending regulations and operationalize compliance throughout their critical borrower communications.
