Consumer Compliance Consulting Services
Are you keeping up to date with new developments and rising regulatory expectations in consumer financial products and services?
The regulatory landscape continues to evolve, with recent actions focusing on UDAAP (Unfair, Deceptive, or Abusive Acts or Practices), Fair Lending, and more.
To keep up with today’s fast-paced and ever-changing regulatory environment, financial institutions must develop and maintain an effective compliance management system (CMS) to mitigate risks and meet regulatory expectations. A comprehensive CMS should include strong governance and oversight, written policies and procedures, compliance risk assessment, regulatory change management process, complaint management, compliance monitoring and testing, compliance training, as well as compliance auditing and corrective action tracking.
However, many financial institutions lack the resources needed to employ an effective CMS program.
That is where we can help. Our highly trained and experienced team has the expertise and resources to help you effectively address consumer compliance requirements and mitigate the risk of non-compliance.
Consumer Compliance Consulting Services
We provide comprehensive consumer compliance consulting services to financial service firms and fintechs navigating the complexities of compliance with federal consumer protection regulations. Some of the many services that we provide include:
- Consumer Compliance Risk Assessments and Compliance Program Reviews
- Assistance with the Development and Implementation of a Consumer Compliance Management System: Tailored to the size, nature, and complexity of your business.
- Assistance with Responses to the CFPB, State, and Other Regulatory Examination Requests
- Comprehensive GAP Assessment: Covering each of the seven CFPB modules.
- Creation of Policies, Procedures, and Process Maps and Flow Charts
- Documentation of Processes, Procedures, and Internal Testing
- Assistance with the Launch and Management of a Comprehensive, Closed-Loop, Consumer Complaint Management and Reporting System
- Ongoing Compliance Support
- Testing of the Infrastructure, Scope, and Effectiveness of the Compliance Management System
- Issue Remediation: Including resolution of issues cited in internal audits, regulatory examinations, and enforcement actions.
- Compliance Training and Education
- Financial Services Regulatory Compliance
The CFPB filed 29 enforcement actions, resulting in $3.07 billion to compensate consumers.
$3B
Source: “The CFPB’s enforcement work in 2023 and what lies ahead.” Consumer Financial Protection Bureau, January 29, 2024.
How Compliance Management Helps Your Organization
We understand your challenges and what you need to protect your business. Our team offers local and global compliance and regulatory expertise for the financial services industry, helping you navigate complex regulations and maintain robust compliance programs.
Our unique framework validates that your compliance program is effective, efficient, and tailored to your specific needs. We help you stay ahead of regulatory changes, mitigate risks, and protect your reputation.
The latest technology makes our work – and now yours – more measurable, manageable and effective.
- All-in-one compliance monitoring tool to test for Regulation E Error resolution compliance and assist with ongoing tracking and reporting
- Can be used in-house as well as to monitor compliance of partner relationships
- Automation and AI* eliminates manual processes and allows for efficiency and expanded testing capacity
*AI-enabled features coming in Spring 2024
