When it comes to regulatory compliance, nobody in today’s marketplace can afford to be passive. The CFPB’s examiners continue to focus with intense scrutiny on the vehicle finance industry, and a proactive approach is the best way to prepare for a Bureau audit.
That’s why we want to help you take an honest look at your company’s compliance strategy. Being proactive starts with being aware, and by taking our updated Risk Assessment, you will quickly gain a new perspective on what the CFPB looks for, and what areas your company urgently needs to address.
For example:
- Does your company have a formal strategy for identifying borrowers protected by the Servicemember Civil Relief Act (SCRA)?
- Would you know if your company engages in any of what the CFPB considers unfair, deceptive, or abusive acts or practices?
- Can you say for certain whether your company’s borrower communications are 100% accurate, every time?
If you answered “no” to any of these questions—or if you want to refresh your knowledge of the Bureau’s examination standards—download our new “Vehicle Finance Compliance Self-Assessment” now to learn what your company needs to do to prepare for a CFPB audit. 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.
At WALZ, we help the nation’s largest vehicle finance companies comply with consumer finance regulations and to operationalize compliance throughout their critical borrower communications.
