Online Lenders, Storefront, Auto, MSB, Lead Generators and Tribal Lenders
As part of leadership/management in your company, and by virtue of your position of authority, your attitude and practices shape your employees. Therefore, it is your responsibility as a leader to exemplify the highest standard of commitment and fair dealings you want everybody to follow when addressing your customers, vendors and management. Formalized policies and procedures aren’t mere words they are values that you setup to help guide your company to become a fully compliant company that you and your employees can be proud of.
Policies and Procedures describes a company’s operating practices and how they adhere to consumer protection laws. They are active and live documents that are expected to change as a company finds defects in their operations and as laws and regulations change.
Any change to a company’s covered policy or procedure must first be reviewed by a compliance committee and if agreed upon is updated through the Change Management Policy. Regulators will inspect your documents to ensure lenders and servicers are following your process.
Lenders Compliance develops its client’s policies and procedures to meet regulators expectations and train clients on how to operationalize and audit them.
New or mature lender or servicer? We can start anywhere!
- Complete Policy & Procedure Development
- Review and Update Your Policies
- Audit Your Policies and Make Recommendations
- CMS Document Development– 1st Request from CFPB
Typical Policies and Procedures:
| Policy | Description | ||
| Regulatory | |||
| AML/BSA | Anti-Money Laundering/Bank Secrecy Act | ||
| Collection Practices (FDCPA) | Fair Debt Collections Practices Act | ||
| TILA | Truth in Lending Act | ||
| ADA | American with Disabilities Act | ||
| EFTA | Electronic Fund Transfer Act | ||
| Fair Lending (ECOA & Reg B) | Equal Credit Opportunity Act | ||
| Customer Fairness (UDAAP) | Unfair, Deceptive or Abusive Acts and Practices | ||
| Privacy Notice (GLBA & Reg. P) | Gramm-Leach-Bliley Act | ||
| UDAP | Unfair, Deceptive, Acts or Practices – Lead Generators | ||
| FCRA & FACTA | Fair Credit Reporting Act & Fair and Accurate Credit Transactions Act | ||
| COPPA | Children’s Online Privacy Protection Act | ||
| SCRA-MLA | Service Members Civil Relief Act & Military Lending Act | ||
| CIP | Customer Identification Program | ||
| OFAC | Office of Foreign Assets Control | ||
| TSR | Telemarketing Sales Rule | ||
| TCPA | Telephone Consumer Protection Act | ||
| Regulatory Related | |||
| Change Management | Process for Approving, Recording and Tracking Compliance
Related Changes |
||
| Service Provider Oversight | Vendor Management | ||
| Complaint Management | Process of Tracking, Documenting and Responding to Complaints | ||
| Data Security | Protection of Consumer’s NPI | ||
| Underwriting | Loan Funding | ||
| Red Flag and Identity Theft | Fraud Detection and Prevention | ||
| Compliance Training | Compliance Training Program | ||
| Compliance Monitoring | Call Monitoring of Customer Communications | ||
| Customer Contact | TCPA and CAN-SPAM | ||
| Compliance Committee Oversight | Oversee of Company’s Compliance Program | ||
| Internal Audit | Compliance Program Audit | ||
| Record Retention and Destruction | Regulatory Requirements for Retention of Physical and Electronic
Information |
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