Last month, the Consumer Financial Protection Bureau finalized a regulation that provides more protection to consumers who take out short-term, unsecured loans, often referred to as “payday loans.”
What’s the status of that consumer complaint? Are we classifying our salesforce properly? Who hasn’t watched the sexual harassment training video we sent out on September 15th? Although it originates from large-scale considerations about legal and ethical obligations, workforce compliance often comes down to nitty-gritty questions with nitty-gritty answers. And over the past month, we’ve […]
It’s audit season here on the Compli blog. Earlier this month, we explored 5 key questions for internal audits, and before that, we explained what the Consumer Financial Protection Bureau is looking for in an organization’s audit program. Oh, and we also squeezed in a question about audit reporting and consumer finance laws.
We get a lot of questions about UDAAP with the extra “A” so we thought we would revisit our post about it from the spring. Among the many acronyms, abbreviations, and jargon in the consumer finance industry, there are the obvious ones, and then there the assemblages of characters that look like the results of […]
There’s no room for improvisation in workforce compliance. Employees need to comprehend what rules, regulations, and company policies to follow; how to use specialized systems, terminology, and technology; and how their actions contribute to or go against your organization’s unique values.
Knowledge is power. Education is the great equalizer. Reading is fundamental. Throughout the course of your life, you’ve undoubtedly encountered countless people who have made the case for learning. Perhaps they’ve told you how learning opens up your mind to the world around you, or explained how it allows you to develop important skills. Maybe […]
Last week, I had the pleasure of attending the American Financial Services Association’s 2017 Annual Meeting. As I wrote on this blog before the meeting, this year’s theme seemed to be uncertainty. Several questions have been swirling around in lenders’ minds over the past year, and while I didn’t expect definite answers, I looked forward […]
This week’s question ponders how to balance audit reporting with staying in compliance with consumer finance laws. Q: In connection with audit reporting, should we include operational risk elements and/or process inefficiencies that could lead to noncompliance with consumer financial laws?
Can you remember the last time you conducted an audit of your organization’s workforce compliance program? If you can’t remember, or if you’ve never gone through an audit, your financial services company could be in serious trouble.