Shielding Against CFPB Non-Compliance

ISGN has partnered with TRUPOINT to offer its CFPB Compliance RiskCheck. A Software as a Service (SaaS), cloud-based tool, CFPB Compliance RiskCheck was designed specifically for small to midsize lenders in need of a cost-effective and efficient risk evaluation tool. Here’s how it works:

Available to institutions by signing into a Web-based system, ISGN’s new CFPB Compliance RiskCheck is an end-to-end review designed to help lenders understand and comply with new and changing Consumer Financial Protection Bureau (CFPB) requirements. The platform contains a series of questions, which are broken out by three categories – compliance management, originations, or servicing – and then by area of risk.

The lender is guided through the self assessment review process and provided with help features such as best practice sample answers, live compliance assistance and links to compliance regulations when completing the answers, which are then analyzed automatically using classifications in line with CFPB regulatory guidelines to calculate the residual risk. The CFPB Compliance RiskCheck provides a detailed report including compartment risk weightings, trends and high-risk items, which can be provided to regulators and for action plans.

“The collaboration between TRUPOINT and ISGN provides lenders with a cost-effective, SaaS-based solution in a difficult area where mistakes result in significant consequences,” said Trey Sullivan, CEO of TRUPOINT Partners.

According to Paul Imura, CMO of ISGN, “With our design and domain expertise coupled with TRUPOINT’s data and analytics, we were able to develop an offering that will ultimately save our industry time and resources as well as improve accuracy.”