This Simple Checklist Could Be The Most Important Thing You Do All Year

This Simple Checklist Could Be The Most Important Thing You Do All Year

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Check! There is something super satisfying about the sound of pen tip checking off an item on your To Do List. Also, the sound “X” has a similar effect. Maybe that’s why the section of the Dodd-Frank Act that created the Consumer Financial Protection Bureau is called Title X. Try it yourself: X and ✔.

I digress…

During the holidays there are many types of lists being made, and checked twice. We want to offer you a list that is good all year long to provide you with the tools, expertise and customer service to build a great compliance management system. Our goal is to ensure total compliance with the highest level of assurance to you, your board and your employees.

Download the Fair Lending Cheat Sheet

cms-cheat-sheet-transparentProactively address the risks to your organization while meeting regulatory requirements. Get the Cheat Sheet >>

The Fair Lending Checklist is a quick and easy way for you to determine if you are doing everything needed to demonstrate to the CFPB, FRB, FDIC, OCC, NCUA, or FCA that you are in compliance because: if you can’t prove it, it doesn’t count.

The Fair Lending Checklist covers four top areas that will get you on your way to a foolproof Compliance Management System:

Executive Oversight

Everything starts from the top. A wise woman* once said, “if management cares about compliance, everyone else will.” The key is communication and implementation of the ever-changing regulatory landscape. Are your executives and board on top of it? Check!

*Kynzie Sims

Compliance Program

Making a decision without the best information at hand can be a worrisome proposition where Regulation B violations are concerned. A compliance program that provides its workforce and leadership with the information needed (i.e. written policies and procedures, on-demand reporting, easy-to-access tools) is the focus of the Compliance Program section of our checklist. Check off as many boxes as you can here and read more about what you can do to ensure a solid compliance program.

Complaint Resolution Program

A sure way to attract unwanted regulator attention is customer complaints, especially ones that appear to have not been addressed in a timely manner. Don’t let appearances give a mistaken impression that you deserve an audit. Show them you know your stuff.

Independent Compliance Audit

Independent does not have to mean external. You can conduct an independent audit of your internal policies and procedures as long as the employees who handle the audit are independent of the functions being audited. Are you prepared to oversee an independent compliance audit? Check off those boxes here.

We think you’ll find completing the Fair Lending Checklist satisfying. For a deeper dive into how to build a comprehensive compliance management system, check out Navigating the Fair Lending Jungle.

Download the Fair Lending Cheat Sheet

cms-cheat-sheet-transparentProactively address the risks to your organization while meeting regulatory requirements. Get the Cheat Sheet >>

Brett Safford

Brett is a previous member of Compli’s Customer Success team, where she helped clients get the most out of their platform and achieve their unique goals. Brett's love for fabric and quilting means her family suffers from an overabundance of blankets. In the evenings Brett can be found cooking in the kitchen with a glass of red wine and Ella Fitzgerald on the record player.

→ Brett Safford

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