Regardless of size, collection agencies, debt buyers and collection law firms are required to establish a compliance management system (CMS). Larger Market Participants (LMP) have functioning CMSs in place for the most part. But mid- to small-size firms are falling behind in the race to CFPB readiness.
Since smaller organizations are not under the immediate pressure of a CFPB examination, they may continue to wallow in ambiguity about the threat of a CFPB exam. Many doubt the CFPB will ever examine their agency because they are small. Some still question whether the CFPB will even be around in 2016.
The truth is, the CFPB is not going anywhere and its mandate is clear. To remain competitive and prevent your organization from becoming a dinosaur, the time is now to build your CMS. But you need not go it alone. In fact, the CFPB actually identifies the use of third parties as a viable option when it comes to compliance management.
This report will discuss how the services of a third party may support, enhance and bolster your organization’s CMS at a reasonable cost and in real time.