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Consumer Protection & Loan Reviews

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Consumer Protection & Loan Reviews

When consumers trust financial institutions and money services businesses with their information, accounts, or financing, they are taking a risk. To protect consumers from the risks of harm, there are many federal consumer protection laws that apply to these types of companies. 

Compliance with consumer protection laws and regulations is essential to every bank, lender, or MSB. Your company must have a comprehensive and effective compliance program in place to avoid penalties, fraud, losses to customers, and other types of liability. It is important to seek assistance from compliance experts who can help your business with consumer protection reviews. Contact the team at CorCom, LLC, today. 

Consumer Protection Compliance

The federal government takes consumer protection very seriously. These protections are enforced by different federal agencies, including the Consumer Financial Protection Bureau (CFPB), as well as state agencies.

Every financial company should have a compliance risk-management program that is specifically designed for the company based on size, relative risk, and operational details. There are different components to these programs, such as:

  • Policies and procedures for each role in the organization that ensure consumer protection compliance
  • Monitoring, internal controls, and audits to test the effectiveness of the program
  • Regular risk assessment
  • Having proper management information systems
  • Oversight from senior management or board of directors
  • Training for employees subject to the compliance program

Every financial organization needs a compliance program, no matter how large or small. These programs can vary widely in informality, scope, and procedure detail. The right program not only protects your customers but also achieves full compliance with relevant laws and will be designed based on your company’s structure, activities, complexity, and risk level. It is important to have the assistance of consumer protection compliance specialists when designing, implementing, testing, and updating your programs. 

BSA/AML/OFAC
Development and enhancement of risk-based Compliance Programs
Consumer Protection
Consumer Protection Reviews and Gap Analysis
State Licensing
Money Transmitter License Acquisition and Maintenance

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