As the vehicle finance industry awaits the outcome of sweeping changes at the Consumer Financial Protection Bureau, more variables are in play than ever before. Regulatory compliance is a potential minefield for companies that are unprepared to meet the rigorous and unpredictable standards that often change on a weekly basis. Implementing best practices can significantly help vehicle finance companies navigate the shifting landscape while driving efficiency and minimizing costs.
Among the risks for vehicle lenders and servicers is the likelihood that states will step in to fill the void if they perceive a lack of enforcement coming from the federal regulators. This will include increased legislation, examination, and litigation. The vast amount of state requirements can challenge even the largest organizations. Since your customers and your collateral can move outside of your traditional operational footprint, compliance requirements can change with them. Monitoring and complying with state-level changes can be just as important as compliance with federal regulations.
If you’re ready for some clarity, read our best practices checklist, filled with actionable advice relevant to today’s regulatory outlook and covering five of the most important topics for every vehicle finance company to address.
Are you confident that your company has a good plan for:
● Staying up-to-date on all of the changes happening nationwide — and implementing them
● Complying with the Equal Credit Opportunity Act (ECOA) and Regulation B
● Communicating with borrowers in bankruptcy
Download our new “Top 5 Best Practices” checklist now to evaluate your company’s approach to compliance in today’s shifting regulatory environment.
At LenderLive, we help the nation’s largest vehicle finance companies comply with consumer lending regulations and operationalize compliance throughout their critical borrower communications.
