Compliance Made Easy™ is a new program that makes it easy for repossession companies to become and remain compliant with a variety of new lender mandates. The program has become available at a time when the collection industry is facing unprecedented regulation, where repossession companies are now asking the question, “how do we ensure compliance when servicing our financial institution clients and avoid potential lost revenue?”

The Compliance Made Easy program addresses four key areas—Complaint Tracking, Recurring Training, Contract Management and Vendor Vetting—where repossession companies are soon likely to be receiving additional requests from their financial institution clients, especially those regulated by the Consumer Financial Protection Bureau (CFPB).

To become and remain compliant in these four areas, vendors now have access to three industry-first products — Vendor Comply, Training Comply and Contract Comply — as well as partnerships with industry organizations to provide Vendor Vetting. The use of these products and partnerships can help recovery companies avoid costly penalties associated with non-compliance.