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Now is the time for large market debt collectors to prepare for a potential audit by the Consumer Financial Protection Bureau. The CFPB has amped up enforcement for large creditors and debt buyers, and its current targets are the collectors themselves. But smaller market participants aren’t off the hook just yet. As the CFPB doles out enforcement actions for larger collection agencies, it will expect smaller agencies to adapt and comply with the new standards. Collection agencies of all sizes must brace for eventual scrutiny from the Bureau.

Getting organized early can help avoid confusion when the CFPB asks to see your policies. In the long run, it may even increase your company’s chances for a positive exit meeting, and decrease the odds of penalties and enforcement actions.
That’s why we’ve compiled the top questions and expert insight from our insideCompliance webinar into one user-friendly report: To the Point: CFPB Audits. Learn how the CFPB measures accountability, so you can do the same. This is a resource no collection agency should be without.

You’ll Learn:

  • What are the important laws and regulations the CFPB focuses on during an audit?
  • How should collectors respond to consumer complaints, both internally and from the CFPB?
  • How much does it cost to get ready for a CFPB audit?

This report contains guidance on:

  • Timeline of a CFPB audit
  • "Anatomy" of a CFPB audit
  • Special compliance considerations for EFTA and Regulation E

Author: insideARM.com with Nicole Strickler

Length: 41 pages