An employment background check and screening company needed help. The company had recently received a consent order from the Consumer Financial Protection Bureau (CFPB) and was required to put together a compliance plan to quickly rectify its failure to meet specific regulatory requirements. The only problem? The company had never dealt with the CFPB. And, as is the case with many consent orders, the direction given by the CFPB was vague, leaving the company confused as to where to begin. Knowing they needed to leverage a third party with expertise in the area, they turned to Spinnaker.
Quickly and effectively make the company compliant with a federal regulatory deadline and meet CFPB expectations.
Spinnaker’s insight and perspective set us up well to address regulator concerns and get back to a place of good standing. Executive Vice President, national employment background check company
We began by conducting our own independent assessment of the company’s key processes to better understand the root cause of the previously identified gaps. Then, based on our findings, we outlined the key issues and detailed what steps the company would need to take to become compliant. We then worked with the company to get the compliance plan submitted, coaching the staff along the way on what to expect from conversations with the CFPB and how to work with regulators on future engagements.
In addition to aiding with communication between the CFPB and the company, we also built out a step-by-step compliance program for the company, detailing what it needed to do — and when — in order to become compliant. Throughout the year, we checked in regularly to ensure all the necessary steps were being taken and the company was on track with its commitments to the CFPB.