Are you an Auto Finance Provider struggling with the burden of compliance in a Consumer Financial Protection Bureau (CFPB) regulated Auto Loan Industry? If so, ViClarity can save you up to 80% of your time by automating the collection and collation of your compliance data by removing slow manual processes.
A company’s compliance management system is a central element of the CFPB’s examination of any company. ViClarity solutions come with pre-populated templates for audit tools directly aligned to the nine modules outlined in the CFPB Examination Procedures. This allows you to identify trends, areas of exposure and demonstrate compliance on an ongoing basis.
The pre-populated ViClarity templates can be customized to meet the needs of each individual company and cover areas such as
- Fair Lending
- Fair Debt Collection Processes (FDCPA)
- Customer Complaints and Inquiries Management
Benefits Of Using The ViClarity Auto Loan Compliance Solution
ViClarity has been tried and tested by clients in a range of sectors including the financial services and healthcare sectors and provides the following;
1. A shift in culture towards compliance and accountability.
2. Ensures the responsibility for compliance is transparent and at all levels of the organisation.
3. Full audit trail of all activities for reporting.
4. Ability to demonstrate compliance across CFPB and other regulatory standards.
5. Scheduled audits at predefined frequencies including automated prompts when activity is due.
Auto Loan companies who have had cases brought against them by the CFPB in the past have faced substantial monetary penalties as well as significant damage caused to the company’s reputation and brand.
Implementing ViClarity will be a large step in ensuring that your company remains compliant with CFPB regulations and avoids any fines our reputational damage.
Take the burden out of compliance and call ViClarity today on (201) 214-5405 and organize a demonstration of our Auto Loan Compliance Solution.