It’s no secret that compliance is expensive: Pressure from government regulations and the agencies that enforce them, such as the Consumer Financial Protection Bureau (CFPB), is one of the main reasons why the cost of servicing vehicle loans has increased. But, as recent enforcement actions clearly demonstrate, it’s even more costly to run afoul of the regulators.
The good news is that, by understanding and following regulatory requirements and industry best practices, you can minimize both the cost of staying compliant and the risk of enforcement actions.
The first step is assessing your company’s compliance risks, looking specifically at the topics most likely to draw the CFPB’s attention:
- Accuracy in your borrower communications
- Compliance with Federal Bankruptcy Rules when contacting borrowers in bankruptcy
- Potentially unfair, deceptive or abusive acts or practices (UDAAPs)
Download our new “Vehicle Finance Compliance Self-Assessment” now to gain a better understanding of where lapses in compliance might end up costing your company.
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.
