Mastering Compliance: Strategically Elevate Your Regulatory Game Amid CFPB’s Enforcement Expansion

Mastering Compliance in a Changing CFPB Landscape: EverChain’s Approach

In recent announcements from the Consumer Financial Protection Bureau (CFPB), we’ve learned about significant staff increases, particularly within its Enforcement Division. Currently, their Enforcement branch comprises approximately 150 enforcement attorneys and support staff. With the addition of 75 new full-time employees to this division, there will be a 50% increase in their workforce, demonstrating the CFPB’s dedication to intensifying its enforcement efforts. 

This development has significant implications for creditors, as it substantially increases the chances of audits and investigations by the CFPB. At EverChain, we recognize the importance of being well-prepared for such regulatory scrutiny and have successfully navigated numerous audits, thanks to our robust compliance-focused platform and processes. 

EverChain’s Unique Strengths in Mastering Compliance

1. Advanced Compliance Review: Members of our EverChain Certified Buyer and Agency Networks have already undergone the most advanced compliance reviews. This preparation enables us to expedite the deal process efficiently, providing peace of mind for creditors.
2. Unparalleled Compliance Standards: EverChain’s commitment to the highest standards of care means that creditors selling their accounts on our marketplace can expect unprecedented levels of compliance and consumer care. Buyers and agencies generate less than one consumer complaint for every 32 thousand accounts sold on the EverChain marketplace.
3. Efficiency and Speed: Deals conducted on EverChain’s marketplace typically take 12 days on average from open to funded. We prioritize both compliance and competition, delivering streamlined, swift transactions for all parties involved.
4. Universal Due Diligence: Our foundation is built on rigorous due diligence and auditing, meaning first, third, and fourth-party oversight for creditors, vendors, collection agencies, and law firms.

The CFPB’s Focus on the “Surveillance Economy”

The CFPB’s enforcement expansion is not limited to traditional financial activities but extends to protecting consumers from the misuse of personal data. This “surveillance economy” involves the collection and use of personal data to make decisions regarding loans, credit, housing, employment, and more.

Read more: Are you taking unnecessary risks with your customers’ PII?

As the CFPB’s efforts intensify, creditors must be proactive in aligning their compliance practices with evolving regulatory standards. EverChain remains your trusted partner in this journey, providing a complete marketplace and vendor management platform designed with compliance and competition in mind. 

EverChain: Your Trusted Partner in Compliance and Security 

While the CFPB’s increased focus on enforcement and compliance may present challenges for creditors, EverChain continues to stand as the beacon of security and efficiency in the receivables management industry. Our platform helps create bulletproof post-transaction compliance, giving creditors the confidence they need in a changing regulatory landscape. 

As regulatory standards evolve, technology allows creditors to achieve higher levels of compliance than ever before, EverChain remains committed to empowering creditors with the tools and support they need to not only meet but exceed these standards. With us, you’re not just compliance-ready; you’re ahead of the curve. 

In this shifting landscape, trust EverChain to be your partner in compliance, efficiency, and success. 

About EverChain®

EverChain® facilitates compliant and secure debt sales for lenders and other creditors. We enable creditors to manage and monetize their uncollected receivables via our secure, sophisticated, and specialized technology platform (patent pending) consistently and compliantly. We aren’t simply a conventional broker or a buyer; EverChain® is an experienced debt sales advisor who has the expertise to help creditors optimize their recovery strategy while protecting their consumers, brand, and bottom line. One of the prime focuses of our business is to optimize compliance across all entities, including sellers, buyers, law firms, and agencies.

Do you want to learn more about how EverChain promotes compliance while providing efficiency and speed, read more here on our EverChain Blog or schedule a free demonstration with our dynamic team today!