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New Bridgeforce report provides framework to stay ahead of regulatory changes in auto industry PDF Print E-mail
Friday, 15 May 2015
Chadds Ford, PA, 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.”

(Source - Bridgeforce Press Release)

 

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