Under CFPB regulations, supervised institutions cannot outsource their regulatory compliance obligations. The CFPB expects financial institutions employing outside service providers to conduct thorough due diligence, establish internal controls to ensure the service provider is acting in accordance with federal consumer financial law, and clearly designate compliance responsibility and accountability within the contract.
Hiperos 3PM CFPB Compliance
Hiperos 3PMTM CFPB Compliance enables financial institutions to assess, monitor and manage CFPB third party compliance risk so the institutions identify which third parties interact with customers, implement controls to reduce potential violations and demonstrate compliance through auditable reports.
Ensure third parties are compliant with CFPB regulations
Accelerate third party CFPB compliance assessments
Reduce CFPB compliance assessment and management costs
Deliver, score and audit CFPB training to thousands of learners automatically
Respond quickly to investigations with an auditable record