They say the best defense is a good offense, and in the realm of compliance, your “offense” should begin with an honest assessment of your company’s operations.
- Do your adverse actions notices comply with ECOA and Regulation B?
- Do your communications with borrowers in bankruptcy comply with federal law?
- Does your company strictly avoid acts or practices that could be considered unfair, deceptive or abusive?
If you answered any of these questions with less than a resounding “Yes!” we suggest you take our full Self-Assessment now. Download our new “Vehicle Finance Compliance Self-Assessment” to evaluate the strength of your approach to the CFPB’s most crucial regulations.
Communicating with borrowers in delinquency or default 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.
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.
