VPCS’ compliance audit is an examination of a lender’s regulatory polices and procedures, training, and operational oversight. The review will compare your existing policies and procedures against best practices in the lending industry.

Upon completion, VPCS will produce a gap assessment identifying deficient areas by specific policy and procedure, training, and operational structure.

The review begins with a document production request. VPCS will perform the review remotely so lender staff will not be impacted by the review requirements.

The compliance audit is highly recommended because it will identify regulatory compliance weaknesses in a lender’s program(s).

The following is a partial list of regulatory compliance policies and procedures VPCS will request at the onset of the compliance audit.

Compliance Management Program

  • Program Oversight
  • Program Monitoring
  • Compliance Training and Education
  • Written Policies and Procedures
  • Training and Testing
  • Defect identification – Policy and Procedure Change Control Process
  • Complaint Management Program
  • Record Retention
  • Board Reporting
  • Debt Sales

Communication Policy and Procedures

  • Customer Communications
  • Internal Communications
  • Hours of Operations for Client Contact

Customer Identity Policy and Procedures

  • Customer Identification Procedures
  • Customer Authentication Procedures
  • BSA, AML and OFAC Procedures
  • Fraud

Payment Processing Policy and Procedures

  • ACH
  • EFTA and Regulation E
  • Debit and Credit Card Processing
  • Direct Pay

Credit Reporting Policy and Procedures

  • Fair Credit Reporting Act
  • Requesting Information
  • Reporting Information
  • Underwriting and Segmentation Policy and Procedures

Vendor Oversight Policy and Procedures

  • Onboarding
  • Ongoing Monitoring

TILA Policy and Procedures

  • Disclosures

Privacy Policy and Procedures

  • Disclosures

SCRA and MLA Policy and Procedures

Collections Policy and Procedures

  • Collection Practices
  • Settlement Guidelines

UDAAP Policies and Procedures

  • Collections
  • Sales
  • Marketing