By now you should have your compliance team in place, your policies and procedures finalized, and your complaint management system humming. But if your organization is a typical collection agency, debt buyer, or collection law firm, you know you have one final hurdle to overcome on your CFPB readiness path: Vendor and service provider management.
A risk management process at its core, vendor and service provider management first hit the collection industry’s radar in October of 2012.
To follow, the Consumer Financial Protection Bureau (CFPB) issued a bulletin in April 2013, reiterating its expectation that supervised banks and nonbanks must oversee their business relationships with service providers in a manner ensuring compliance with federal consumer financial law, in order to protect consumer interests and avoid consumer harm.
Finally, as if the CFPB’s take on the vendor management issue was unclear, in October 2013 the Office of the Comptroller of the Currency (OCC) released a Guidance Bulletin for national banks and federal savings associations detailing how risks associated with third-party relationships must be assessed and managed.
Given that background, vendor and service provider management must be on your organization’s compliance road map.
This ebook outlines 10 steps YOU can take now to evaluate your organization’s vendor and service provider oversight program.