DEMYSTIFYING YOUR FAIR LENDING COMPLIANCE PROGRAM 2016 Compli Wells Fargo Webinar...DEMYSTIFYING...
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DEMYSTIFYING YOUR FAIR LENDING COMPLIANCE PROGRAM What Your Regulators and Financial Partners Are Looking For
Transcript of DEMYSTIFYING YOUR FAIR LENDING COMPLIANCE PROGRAM 2016 Compli Wells Fargo Webinar...DEMYSTIFYING...
DEMYSTIFYING YOUR FAIR LENDING COMPLIANCE PROGRAMWhat Your Regulators and Financial Partners Are Looking For
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JOINING US TODAY
Brian LarsonDirector of Sales
Toby GrahamDirector of Marketing
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BEFORE WE JUMP IN…
• Ask lots of questions!
• Session materials &
recording available
next week
For educational purposes only – not legal advice.
FAIR LENDING COMPLIANCE BRINGS A WORLD OF OPPORTUNITY
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Companies that consistently follow
fair lending practices have:
Easier toAttract New Customers
Improved Customer
Satisfaction
Better Access to
CapitalA solid
Compliance Management
System helps companies
meet these objectives
YOUR COMPLIANCE MANAGEMENT SYSTEM
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…the CFPB expects every
regulated entity under
its supervision and enforcement
authority to have an effective
compliance management system…
http://files.consumerfinance.gov/f/201308_cfpb_supervisory-highlights_august.pdf
POLL:Have you built a compliance management system that would stand up to CFPB scrutiny?
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Board of Director Oversight
An effective board of directors communicates
clear expectations and adopts clear policy
statements about consumer compliance, not
only within the entity itself, but also to its
service providers.
YOUR COMPLIANCE MANAGEMENT SYSTEM
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http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf
Compliance Program
A well-planned, implemented, and
maintained compliance program will:
– Prevent or reduce regulatory violations
– Protect consumers from non-compliance &
associated harms
– Decrease the costs & risks of litigation affecting
revenues & operational focus
– Help align business strategies with outcomes
YOUR COMPLIANCE MANAGEMENT SYSTEM
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http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf
Consumer Complaint
Response
Entities should monitor and analyze complaints
to understand and correct weaknesses in their
programs that could lead to consumer risks and
violations of law.
YOUR COMPLIANCE MANAGEMENT SYSTEM
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http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf
Compliance Audit
A compliance audit program provides a board of
directors…with a determination of whether policies
and standards are being implemented to provide
for the level of compliance and consumer
protection established by the board.
YOUR COMPLIANCE MANAGEMENT SYSTEM
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http://files.consumerfinance.gov/f/201204_cfpb_bulletin_service-providers.pdf
POLL:How are you managing your fair lending compliance program today?
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HOW COMPLI CAN HELP
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Complígo is the backbone of your
Compliance Management System
– Ensure your workforce
complies with evolving
Fair Lending regulations
– Track consumer complaints
– Generate proof of compliance
for both CFPB examiners &
capital sources
THE BACKBONE OF YOUR CMS
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BOARD OF DIRECTORS OVERSIGHT
Demonstrate that your Board
takes this seriously
– Efficient tools to support
your Compliance Officer
• Dashboards Reports
• Compliance Status
• Complaint Tracking Reports
– Insight to guide your
change management initiatives
THE BACKBONE OF YOUR CMS
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COMPLIANCE PROGRAM
A Single System for Your
Compliance Program
– All fair lending policies &
compliance activities
in one place
• For both employees and 3 rd parties
– Automate the distribution of your
policies & training
– Capture, track, & measure policy
attestations
THE BACKBONE OF YOUR CMS
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CONSUMER COMPLAINT RESPONSE
• Consumers submit complaints via:
• Categorize & escalate complaints
• Review and take action to resolve
• Analyze to find issues and trends
that may require changes in:
- Online form
- Phone
- Face-to-face
- Products
- Procedures
- Training
THE BACKBONE OF YOUR CMS
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AUDIT
Find gaps within your program
to stay audit-ready
– Assess compliance levels by:
• Department
• Location
• Supervisory level
• Individual
– Provide on-demand proof of
compliance to auditors
RECAP
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Many forces make regulatory
compliance a challenge for lenders
Both CFPB & capital partners need
proof of sound compliance program
An automated system serves as the
backbone of your CMS
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Q&A
Brian Larson
503.963.4220
Watch your email.
We’ll send this out
as a follow up.
