Compligo for Consumer Lending

As a lender, you need to demonstrate to both your bank and the CFPB that your company is compliant with Fair Lending regulations. Developing a compliance management system is the safest way to do this.
Compligo for Consumer Finance
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The Backbone of Your
Compliance Management System

Compligo helps finance companies like yours stay in compliance with Fair Lending regulations, and stay out of both regulator’s and auditor’s crosshairs. The cloud-based system is easy-to-use and mobile-enabled. Compligo provides a turn-key way to:

  • Manage your compliance program
  • Track consumer complaints
  • Monitor & report on all activities

All so you remain audit-ready to CFPB examiners, your bank’s compliance team and your internal stakeholders.

Compligo for Consumer Finance

Build Your Compliance Program with Compligo

Compligo consolidates your assigned Fair Lending policies, online training, and forms activities into a single view. And our experienced implementation team helps make sure your compliance program has the right content. Compli’s policies and training are developed and continuously updated by Hudson Cook, an industry leader in consumer financial services law, to ensure you stay on top of the latest regulations.

Home

Think of your Home tab as your compliance control panel. Here you can quickly access assigned activities in your Inbox, as well as your Started, Sent, and Completed items.

Inbox

Start your compliance activities in the Inbox. This is where you will find your set of assigned Consumer Finance compliance activities, including policies for Fair Credit Reporting, Gramm-Leach-Bliley Red Flags Rule, Telephone Consumer Protection Act, and more. After each employee reviews & signs-off on policies and completes online training, their compliance score and personnel file are both updated.

Consumer Finance for Lenders Policy Pack

To keep out of the CFPB’s crosshairs, your compliance program needs the right content – developed by industry experts who understand your exposure. Compli partners with financial services experts to develop industry-specific content to keep you cool, calm and compliant. Take advantage of these turn-key policies, forms and assessments built specifically for lenders:

  • Adverse Action Policy
  • Adverse Action Periodic Audit Form
  • Electronic Fund Transfer (ETF) Act and Regulation E
  • Equal Credit Opportunity Act (ECOA) and Regulation B
  • Fair Credit Reporting Act and Regulation (FCRA) V Adverse Action Notices
  • Fair Credit Reporting Disposal Rule
  • Fair Credit Reporting Furnisher and Dispute Rule
  • Fair Credit Reporting Permissible Purpose
  • Fair Credit Reporting Red Flags Rule
  • Fair Credit Reporting Risk Based Pricing Rule I
  • Fair Debt Collection Practices Act
  • Gramm-Leach-Bliley Act (GLBA) and Regulation P
  • Introduction to Non-Mortgage Consumer Lending
  • Office of Foreign Assets Control (OFAC) Compliance
  • Servicemembers Civil Relief Act (SCRA)
  • Suspected Misconduct Report Form
  • Telephone Consumer Protection Act (TCPA)
  • Third Party/Dealer Application Form
  • Truth in Lending Act/Regulation Z (TILA)
  • Unfair, Deceptive and Abusive Practices Policy (UDAAP)

Consumer Complaint Tracking

Part of an effective compliance management system includes policies and procedures for responsive and responsible handling of consumer complaints and inquiries. Compligo supports the procedures and policies to manage consumer complaints.  The platform helps you organize, and retain the resulting findings so you can analyze results and make require changes in products, procedures, and/or training

Consumers (directly or via CFPB) submit complaints via online form, email, phone, mail or face-to-face.

 

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Reporting, Feedback & Process Improvement

A key pillar of the CFPB Compliance Management System guidelines recommends you have comprehensive reporting capabilities to produce documentation necessary for an audit by either your lender or the CFPB. In Compligo, every activity is time-stamped and easily reportable. With this insight you are able to uncover deficiencies, and remediate problems giving you an ongoing feedback loop to help you improve your processes and procedures.

Dashboards

Get a visual, up-to-the-minute view of your entire organization’s compliance status. Export your compliance data for use in other reporting tools.

Drill Down Reports

As a manager, you can view the compliance score of each of your direct reports. And you can track compliance of your team against individual initiatives.

Data Export

For planned audits or unexpected examinations, export your compliance data for use in other reporting tools.

My Compliance

Check the compliance status of yourself and your team at any time.

How Our Customers Use Compligo as the Backbone of Their CMS

  • Underwriters and loan officers need to be accountable for understanding policies covering unfair, deceptive, abusive acts and practices.

    To address this requirement with Compligo, the compliance manager creates a group in the system that includes employees with underwriter and loan officer roles.  

    She then assigns UDAAP policies and training to this group and schedule the distribution. As the underwriters and loan officers receive notification of pending activities, they log in to Compligo, read and sign off on the policies and complete assigned training.

    The Compliance manager tracks their progress, and follows up on any incomplete activities. The process repeats automatically for any new employees hired into those roles.

  • The CFPB recommends every finance company implement a consumer complaint tracking process as part of their CMS. With Compligo’s Consumer Complaint Tracking module:

    • Consumers (directly or via CFPB) submit complaints via online form, email, phone, mail or face-to-face
    • Complaints are categorized and escalated as needed
    • Team members review complaints and take action to resolve
    • Complaints are analyzed to identify issues and trends that may require changes in products, procedures, and/or training

    Alerts are set to ensure responses are sent in a timely manner in keeping with CFPB regulation

  • Unlike an LMS or a policy management application, Compligo lets you take a proactive approach to managing compliance. You define what activity needs to happen, who’s required to complete it and when it needs to happen.

    For your Fair Lending compliance program, you define:

    What the program initiatives are
    (UDAAP, Fair Credit Reporting)

    Who needs to be assigned each initiative
    (Underwriters, Loan Officers)

    When assigned activities need to be completed
    (Upon hire, and annually thereafter)

Compli offers a turnkey Compliance Management Solution for small lender that provides the backbone for your Compliance Management System.

Included in the solution:

  • Compligo Platform
  • Consumer Finance for Lenders Policy Pack
  • CompliView
  • Consumer Complaint Tracking

Special pricing available for lenders with fewer than 30 employees.

Compli is a great platform that integrates every part of the business, from compliance to operations to HR.
Julie Kim
In-House Counsel & Compliance Officer / Sierra Credit Corp.
Compli offers a great, purpose-built platform that assigns, tracks and monitors any workforce compliance activity – not just training. The platform can help any organization rein in its compliance processes and execute them more efficiently, consistently, and effectively.
David Wentworth
Principal Analyst / Brandon Hall Group
Compliance has never been optional, but there are a lot of companies in the past who have operated that way. In light of recent events, compliance has really stepped up in the last few years, so we really have to make sure all of our bases are covered and make sure we're always in compliance at all times.
Andy Page
Director of Operations / Road Auto Finance
The training was pretty flawless. You know, I've dealt with a lot of different third party vendors as far as software, and they're usually not very fun to deal with. Compli was very, very good. I was honestly shocked about how easy it was. I just answered a few questions, and everybody over at Compli just kind of took it from there.
Andy Page
Director of Operations / Road Auto Finance
All my employees know what the rules are and they know where the boundaries are, and they know not to step out of bounds. So my capital source feels much more comfortable knowing that my employees know where out of bounds is.
Andy Page
Director of Operations / Road Auto Finance
All policies, procedures, training material, and personnel files are in a central location, and the search function makes it easy to find any file in the system.
Julie Kim
In-House Counsel & Compliance Officer / Sierra Credit Corp.
Compli eliminated inefficient internal processes and enabled us to focus on actual business matters.
Julie Kim
In-House Counsel & Compliance Officer / Sierra Credit Corp.

 

Consumer Lending
Compliance

Lenders are under unprecedented scrutiny when it comes to complying with Fair Lending regulations. If you are found out of compliance , you could get fined, incur damage to your reputation, lose access to capital. That’s where an automated CMS comes in.

Fair Lending 
Compliance Resources

Find the tips, tools, and information you need demonstrate to both your bank and the CFPB that your company is compliant with Fair Lending regulations.

Download the
Fair Lending Checklist

Use this checklist to see how well your organization embraces a CMS’s 4 areas of focus and if you can dodge the regulatory pitfalls.

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