In the high-stakes environment of regulatory compliance, risk is unavoidable. Enforcement actions routinely reveal lapses that cost vehicle loan servicers not only reputational damage, but also millions of dollars. It’s worth investing the time and effort into your compliance plans now to avoid a costly encounter with government regulators. But where do you start?
Mitigating risk begins with an honest assessment of your operations. The Consumer Financial Protection Bureau has made no secret of its priorities; every time a vehicle finance company is hit with a new enforcement action, many of the cited violations are the same as those found in previous investigations, which include:
- Inaccurate borrower communications
- Violations of Federal Bankruptcy Rules when communicating with borrowers in bankruptcy
- Unfair, deceptive, or abusive acts or practices (UDAAPs)
These are a few of the triggers that are sure to result in regulatory scrutiny. Download our new “Vehicle Finance Compliance Self-Assessment” now to view the full list, to gain a clearer understanding of your company’s risk — and to begin planning for how you can minimize it.
At WALZ, we help the nation’s largest vehicle finance companies comply with the consumer lending regulations and operationalize compliance throughout their critical borrower communications.
