VPCS’ Lender Compliance Practice is designed to integrate a compliant operations management system for lenders (consumer and commercial).
To begin, VPCS will perform a Regulatory Compliance GAP Review of Lender’s policies and procedures, training, operations, and vendor oversight. VPCS will then develop a GAP assessment identifying all deficiencies.
VPCS’ sister company, Learn2Comply will be contracted by Lender for a Temporary Directory Of Compliance resource to guide the Lender to resolve deficiencies identified in the GAP Assessment in addition to the following:
- Development of Policies and Procedures absent from Lender’s Compliance Program
- Track State and Federal Regulatory changes and update Lender Policies and Procedures
- Establish a Compliance Review Committee (review and sign off on all new and updated policies)
- Develop a Quarterly Compliance Report to present to Lender Board
- Integrate a Complaint Management System, Process, and Reports Required by CFPB
- Provide Regulatory Compliance Training, Testing, and Reporting System Lender will use to upgrade Lender’s internal training program
- Integrate a Vendor management and oversight program that satisfies regulator requirements
- …and more
The importance of a compliant lending partner:
- Protects the lending enterprise from regulatory allegations and inquiries
- Improves the meaningful involvement of the lender in the lending program
- Makes the lending operations efficient and compliant
A VPCS and Learn2Comply trained and compliant lending partner will rely on:
- Independent evaluations which protect against invalid assumptions and biases
- Customized reports that provide unique views of programs and identify areas at risk
- Creation and implementation of lending program policies and procedures with state and federal regulatory compliance in mind
- Compliant operations management that is benchmarked against industry standards.