Companies in the auto finance industry have an opportunity to implement practices and procedures now that will help them gain a competitive advantage and avoid future fines and risks.
Chadds Ford, PA (PRWEB) May 14, 2015
The Consumer Financial Protection Bureau has proposed an expansion that would put non-bank auto financing companies under supervisory oversight. Future regulatory changes in this growing industry will lead to significant changes for auto lenders.
In a new white paper titled “Navigating the Hazards of New Regulatory Expectations for the Auto Industry,” Bridgeforce provides insight into auto lending functions under regulatory review and how to track risks associated with installment loans and leases. According to Bridgeforce, “How aggressively all auto lenders proactively respond to the changing regulatory environment will help mitigate any negative implications and consequences the new scrutiny brings to the industry.”
Key sections of the paper include:
- Managing internal servicing operations to ensure compliance with governmental regulations
- The due diligence and continual oversight of third party vendors
- Implementing a compliance management framework to reduce and manage errors
“In an ever-evolving regulatory environment, we know the importance of keeping ahead of the changes to protect lenders and their customers,” said Brian Reiss, President of Bridgeforce. “Companies in the auto finance industry have an opportunity to implement practices and procedures now that will help them gain a competitive advantage and avoid future fines and risks.”
Bridgeforce is a specialized multi-national consulting firm serving a variety of clients involved in almost all aspects of the consumer and small business lending and payments space. Over 75 percent of Bridgeforce consultants come directly from client-side leadership positions across multiple parts of the credit lifecycle. Combined with subject matter expertise in operations, technology, strategy and regulatory issues, Bridgeforce has the knowledge and experience to make the hard choices in developing and implementing best-fit solutions that are both achievable and lower the risks of execution to ensure sustainability. Bridgeforce success can be attributed to a culture fostering innovation and evolving experienced-based best practices recognized within the industry. For more information, visit http://www.bridgeforce.com.