A student lending organization needed to upgrade its compliance management system (CMS), after receiving multiple regulatory findings for operational deficiencies. But it lacked the internal resources and supplemental knowledge to support the CMS buildout and elevate related practices to resolve those findings.
The organization came to Spinnaker to deliver the needed remediation in both areas against an urgent timeline.
Working with the client on project priorities and deadlines, we developed effective policies and procedures that shaped each CMS enhancement. Meanwhile, we trained the board and senior leaders on oversight responsibilities, including how to adequately assess risk and recognize applicable laws and regulations.
Our consultants developed an organizational structure to maintain best practices and to review and approve future consumer policies and procedures. We also designed and implemented new testing protocols, compiled an enriched policy inventory and improved customer complaint responses.
Starting with better board and management oversight, the student lending organization now follows robust best compliance practices, improving the customer experience. Robust testing processes allow the organization to monitor performance against benchmarks and take early action if an issue emerges. Finally, employees now follow detailed policies and procedures for resolving customer complaints, while the client is better managing outside partners to align with compliance expectations.
To learn more about how our consultants helped the client meet regulatory requirements and spark an internal compliance culture, check out our System and Operational Enhancements to Drive Compliance Management case study.
Every year, tens of thousands of pages are published in the Federal Register, with a good chunk of themdetailing what banks need to deliver in serving their customers. In the past decade, the Dodd-Frank Wall Street Reform and Consumer Protection Act came in at the equivalent of nearly 1,000 pages and prompted several thousand more pages of rules and regulations, including, as just one example, the TILA-RESPA Integrated Disclosure (TRID) rules. Tack on relatedregulations published as a result of the Dodd-Frank Act,other more recent regulatory amendments likethose made to the Fair Debt Collection Practices Act (FDCPA), as well as state-specific requirements, and you’ve got enough paperwork to fill a library.
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