Software for licensing, finance, compliance

HeLLO: The CFPB and Your “New” Day-To-Day

It’s happening. The CFPB is looking at lenders at all levels. Compliance is the new “must have” of the payday, title loan, online and check cashing world. Automating compliance is the first step. Integrating it with your current system is an imperative.

CFPBDon’t take our word for it. Check this out from the CFPB:

“The CFPB expects a financial institution to maintain an adequate compliance management system (CMS) tailored to its operation. A robust and well-administered CMS is vital to preventing violations of Federal consumer financial law and the resulting harm to consumers.

The CFPB identified specific compliance practices it expects institutions to follow including regular meetings by management to review ongoing compliance efforts as well as periodic compliance audits. The CFPB also identified ongoing compliance training for employees as critical to ensuring compliant business practices.”

Luckily, eCash clients have the best of both. eCompliant is the add-on software that easily integrates into your eCash software. Now, as this regulatory storm begins, you need both.

The CFPB is definitely “all over your business” whether they have personally visited you or not. As a small lender, you can’t afford to hold your breath and hope that this passes by you. It won’t and you will turn blue.

Be ready. Start getting ready. Your employee‘s jobs, your customers and your business are all depending on it. Basically, it will break down into some big areas, such as:

  • Business systems and processing
  • Employee training and compliance practices

While you are managing your business day-to-day, the CFPB is actively meeting and rule-making. Compliance has now become a mandatory part of your “new” day-to-day.

Stay tuned to this blog and our Twitter feed @eSoftwareSol for industry news. Reach out to me personally at jtabb@eSoftwareSolutions.com or to our expert staff at 601-919-2275.

Jennifer Tabb
VP of Helping Small Dollar Lenders With Great Software

 

HeLLO: Here’s a Shout-Out To Our Customers| Brad Tompkins

It is always interesting to see the results of a customer satisfaction survey. Always. My favorite part is, of course, the comments.

I wanted to thank our customers for responding and to let you know – we are listening! WE are moving forward in 2016 to improve training, the ticket process and our communication with our customers.

I also wanted to let our prospective customers know – we are listening! It is important to have your software company in-tune with your challenges and changing needs.

To everyone, we are looking forward to cranking up eACADEMY this year, having webinars on relevant topics and, yes, sending out more surveys on specific topics.

Stay tuned to this blog and our industry news section. Reach out to me personally at btompkins@eSoftwareSolutions.com or to our expert staff at 601-919-2275.

Brad Tompkins
VP of Project Managing Tickets and Many Other Things

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