CFPB

CFPB, the Automotive Industry, Technological Services and Beyond

Who needs to be prepared for the CFPB exam and who does it affect? The Consumer Financial Protection Bureau (CFPB) Exam is an extensive audit to supervise consumer finance markets including: Banks Credit unions Financial agencies Debt collection agencies However, financial institutions are not the only ones that need to…

Read More

How to Differentiate Your Title Agency for Success in a Dynamic Market

By: Blaise Wabo, Senior Consultant at A-LIGN In 2012 the Consumer Financial Protection Bureau (CFPB) released a bulletin related to service providers’ oversight, in which they expect supervised banks and nonbanks (lenders) to oversee their business relationships with service providers in a manner that ensures compliance with Federal consumer financial…

Read More

A 3-Step Guide for Dealing with Consumer Complaints in the Collections Industry

By: Neil Gonsalves, Director One of the ongoing issues for the ARM and collections industry is the ever-present complaint process. Our clients ask themselves: Are we handling our complaints appropriately? Are the complaints legitimate? How do we resolve complaints? What are we really responsible for? Little overwhelming? Here at A-LIGN, we want our clients to comply with the guidelines established by the Consumer Financial Protection Bureau (CFPB) and have created a simple step-by-step guide to help initiate a process to control complaints effectively.

Read More

Webinar: “CFPB Examination – Getting Your Agency Ready!”

A-LIGN to present webinar entitled, “CFPB Examination - Getting Your Agency Ready!” on Tuesday, October 1, 2013, from 1-2 p.m. EST. The presentation will provide a high-level overview of the key areas that collection agencies should focus on as they prepare for the CFPB Examination.

Read More

CFPB Examination Frequently Asked Questions

By: Sara McLane, Senior Consultant at A-LIGN During the ACA Int’l Conference last week, we answered many questions regarding the CFPB exam and what offerings we, as an independent third-party audit firm, can provide the ARM industry in preparation for the highly anticipated exam. Below is a list we have compiled of the most frequently asked questions regarding the actual CFPB Examination and A-LIGN’s Readiness Assessment Services:

Read More

Preparing your Collection Agency for the CFPB Examination

By: Neil Gonsalves, Director at A-LIGN OVERVIEW On October 24, 2012 the Consumer Financial Protection Bureau (CFPB) published a rule that would allow the CFPB to federally supervise the larger consumer debt collectors/collection agencies. One of the main objectives of the CFPB Examination is to ultimately help ensure that consumers that are affected by the debt collection process are treated fairly. The CFPB’s supervision authority over these debt collectors/collection agencies took effect on January 2, 2013. Under the rule, any firm that has more than $10 million in annual receipts from consumer debt collection activities are subject to the CFPB’s supervisory authority. The CFPB may adopt a risk based approach focusing on debt collectors/collection agencies that pose a heightened risk to consumers based on information available from regulators, complaints, litigation, and media among other sources.

Read More