DALLAS — Veros Credit has increased the number of staff members on its customer service team following changes in regulatory policy at the Consumer Finance Protection Bureau, Veros’s Chief Legal Officer Robert Tennant told attendees at the Auto Finance Performance and Compliance Summit.
“Where we stacked up was actually in customer service,” Tennant said. “That is our first line of defense. Answering those questions early, not having a frustrated customer, really does wonders for our numbers and our compliance.”
Veros Credit has been taking care to remain compliant and uphold its internal policies, even while the CFPB makes plans to lessen enforcement, such as the former dealer markup guidelines being rolled back.
Additionally, Veros Credit has brought in a training department that has been overseen by Mark Medrano, director of compliance and training development.
“We also brought in a training department,” Tennant said. “What Mark [Medrano] has done with it is kind of merged our compliance principles and policies with the general training of the entire company. When we get a collector in that’s going to do our collection training, it’s going to necessarily incorporate our compliance concerns.”
You can listen below to more of Robert Tennant’s thoughts on the state of compliance, such as how lenders should react to the current compliance environment and what Veros Credit’s initiatives are for the year.
This is a part of an ongoing video series from Auto Finance News from our coverage at the Auto Finance Performance and Compliance Summit.