The Bureau may not publicize which vehicle finance companies it plans to audit, but you can still know well in advance if your company is in danger of CFPB penalties. All it takes to find out is to answer a series of questions that get right to the heart of regulatory compliance in 2016. We have designed a self-assessment that walks you through the most common missteps and regulatory violations, based on which companies the Bureau has audited so far.
During the last year, as CFPB regulators have levied fines and penalties, several themes have emerged. Among other things, the Bureau’s examiners:
- Evaluate compliance with ECOA and Regulation B
- Check for accuracy in borrower communications
- Investigate potentially unfair, deceptive or abusive acts or practices
Download our new “Vehicle Finance Compliance Self-Assessment” now to find out if your company might be in line for a CFPB visit. 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.
