Imagine that the Consumer Financial Protection Bureau’s examiners are waiting in the lobby. The time for preparation has come and gone. What are they going to find?
The regulatory scrutiny brought to bear in the vehicle finance industry has changed the way companies operate, and it’s no secret that the CFPB has been busy levying fines and enforcement actions. LenderLive follows every major regulatory development, with eight of the top 10 vehicle finance companies among the clients who depend on our compliance expertise.
Get immediate answers to the most relevant topics in regulatory compliance with our updated self-assessment, a series of questions walking you through the most common missteps and violations.
Are you confident that your company has a good plan for:
- Meeting all of the demands of the Servicemember Civil Relief Act (SCRA)?
- Providing fair and nondiscriminatory access to credit for all borrowers?
- Ensuring that your borrower communications are accurate?
Download our new “Vehicle Finance Compliance Self-Assessment” now to find out if your company might be at risk of regulatory fines or penalties. Communicating with borrowers in delinquency or in a protected class 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.
With the trusted experts of LenderLive, we help the nation’s largest vehicle finance companies comply with the consumer lending regulations and operationalize compliance throughout their critical borrower communications.Like This Post