It’s never been more important for lenders to monitor and document the actions of the service providers it uses for asset location and recovery. The Consumer Financial Protection Bureau (CFPB) has begun examining the financial institutions it regulates, and one of the areas that is being closely scrutinized are the institution’s relationships with third-party service providers, including repossession companies. Financial institutions must be able to provide documentation of the compliance and consumer protection procedures being implemented by their third-party service providers.

Compliance Made Easy™ makes it simple for lenders to be in compliance in four key areas including Complaint Management, Recurring Training, Contract Management and Vendor Vetting. The program provides lenders with a suite of robust and scalable solutions that provide an unsurpassed level of vendor accountability and reporting.

You can read more about the products and services in the Compliance Made Easy solution here.