August 1, 2017
Good Morning,
Over the weekend we had the pleasure of meeting with the
Financial Service Centers of Mississippi (FSCM) at their annual
meeting. We
had a great time and learned a lot. We also had an
opportunity to speak to the group regarding, "What To
Expect If The CFPB Contacts You?" That is, for an
enforcement action or for an examination. Read on
for a link to that discussion.
FISCA'S ED
D'ALISSO SPEAKS
At
the meeting we also had the opportunity to hear directly from
Ed D'Alisso, Executive Director of
FISCA on where the CFPB is
headed under the Trump administration and in congress.
Needless to say Ed's presentation was excellent and quite
informative. FISCA is very active in speaking up on behalf
of the industry in Washington and they have made significant
progress in furthering our cause -- very significant.
While changes are soon expected at the CFPB it is unclear when
and exactly how it may all play out in the end based on Ed's
discussion.
No one expects the CFPB to go away -- probably ever.
So, we must deal with them at the operator level. That was
the focus of our presentation.
WHAT
IF YOU ARE
CONTACTED BY THE CFPB?
Here is a link to our
presentation. The discussion is about 30
minutes in length and covers what you can expect in a CFPB
enforcement action and an examination (two different actions).
If
you attended the meeting and you are not an owner or major
principal in the business we strongly encourage you to pass this
email along to your top management. It is excellent
information on a very important aspect of being in the
short-term, small dollar lending space.
FREE TRAINING
COURSE
On
a related note, we also have an online training course for top
management and principals that covers the specifics of
compliance within your company. If you are interested
in viewing that course, drop us an email at
Info@BorrowSmartCompliance.com
and we will be more that happy to make arrangements for you to
view the course (free). It is a detailed
explanation of what is required to be in compliance with CFPB
rules and regulations in your company.
COMPLIANCE IS A
PROCESS
We
also want to remind you that compliance is not a single event,
but it is something that all levels of management in your
company should follow. Compliance must be a commitment by
everyone, every day and with every consumer transaction.
The price is high (very high) for non-compliance!
Ask anyone who has crossed swords with the CFPB.
Finally, we would like to mention that while compliance can be
time consuming and complex, it certainly can be done. We
don't do it for you but we do take most of the heavy lifting out
of the process. We have companies of all sizes who use our
system -- from two stores to up to 300 stores and above.
They have been very successful in implementing compliance
systems in their company.
We
hope that you find this information helpful in developing your
federal compliance program.
Thanks.
- Max
Visit Our Compliance Site:
www.BorrowSmartCompliance.com
Questions or comments?
Email us at
info@borrowsmartcompliance.com
Direct Tel: 205-733-9926
