As the Consumer Financial Protection Bureau continues to intensify its focus on the vehicle finance industry, every lender needs to be actively implementing best practices across their operations.
Among the practices that will help lenders minimize risk while maximizing efficiency are:
* Ensuring accuracy in the content, timing and delivery method of borrower communications
* Implementing the fair lending standards of the Equal Credit Opportunity Act and Regulation B
* Understanding the unique requirements of communicating with borrowers in bankruptcy
Download our new “Best Practices in the Age of CFPB Oversight” white paper now to read the full report. Communicating with borrowers in delinquency or default will always be one of the riskiest and most-scrutinized activities for a servicer, so we have compiled five best practices that no vehicle finance company can afford to ignore.
At WALZ, we help the nation’s largest vehicle finance companies comply with the consumer lending regulations and operationalize compliance throughout their critical borrower communications.