Inundate, Mandate or… Not-So-Great
The Consumer Financial Protection Bureau (CFPB) is a government agency assembled for the purpose of protecting the consumer from unfair, deceptive or abusive acts or practices (UDAAP) by financial institutions. Dating back to the start of the CFPB in 2011… its regulatory oversight has today become, perhaps the most intrusive intervention of a governmental agency ever to engage itself upon the U.S. lending financial marketplace. That said, it’s oversight is anything but optional… those lenders that truly understand its impact are awakening to the reality the CFPB is here to stay!
At ENDTRUST, we have embraced the philosophical intent of the CFPB, which is to protect the U.S. consumer from any acts or practices deemed unfair or unjust as it pertains to the automobile asset recovery, remarketing and lease-end management servicing industries. We have partnered with affiliate technology companies who are out front leading the industry with compliance regulation. It’s our firm belief by having in place policies and procedures within our services that align itself with CFPB compliance requirements, we’re maximizing our efforts toward a “zero-tolerance” level of prevention against any such referenced unfair acts or practices.
Vendor Vetting – ENDTRUST’s Vendor Management Quality & Compliance Assurance Team (QCAT) ensures that its industry “Compliance Standard of Excellence” (CSE) is not only met but then maintained on an on-going basis with each and every recovery agency within its “Super Agent Network” (SAN). Financial stability, Background checks, Training certification, Compliance & Operations Manual utilization and Continuing Education are all part of the vendor vetting process managed by EndTrust’s QCAT.
Vendor Lot Inspections – ENDTRUST, via its affiliate relationship with Vendor Transparency Solutions (VTS), provides vendor lot inspections that include on-site visual audit-review to ensure secure office facilities, data security, qualified secured fencing of property, compliant procedures and designated storage areas for debtor personal property inventory, visible utilization of Policies & Procedures Manual, presentable vendor employee dress attire and adequate security to accommodate customer redemptions in a safe and secure lot environment.
Super Agent Network (SAN) – ENDTRUST’s Vendor Management QCAT is responsible to ensure our Industry “Compliance Standard of Excellence” (CSE) for its Super Agent Network is not only met but then managed and maintained to meet the minimum requirements:
In alignment with our affiliate technology & compliance service provider partners, EndTrust has incorporated the following compliance related services to its menu of repossession service offerings:
>Verification of Criminal Background Screening of all individual employees, principals or owners, business entities
>Verification of proper licensing
>Verification of insurance and bond coverage’s
>Validation and tracking of all industry certifications
>Tracking of continued employee education certifications and training
>Tracking of Consumer Complaints
>Company bankruptcies and lawsuits
>On-Site office/lot inspections together with an 80 point compliance inspection
>Corporate Financial Statements
>State Certificate of Good Standing
>State Formation Certificates
>Tracking of Minority Certifications
>Maintaining service provider’s Policies and Procedure, Employee Handbook, Complaint Handling and Disaster
>>On-going employee background checks
>>Annual lot inspections
>>Adequate insurance coverage provisions
>>Training & Continuous Education
>>Complaint & Incident tracking