CFPB Supervision Alert: CFPB Issues First Risk-Based Supervision Order
Are you able to prove transparency when it comes to your consumer interactions during the final transaction? The CFPB finalizes its rule to increase transparency when it comes to interactions with consumers. SecureClose has helped thousands of dealers PROVE what was said during the closing with its audio and video recording of the closing to eliminate the “He Said She said “after the sale. It is our mission to help show what was said during the closing and eliminate any confusion of the consumers responsibilities. We understand that the process of buying and financing a vehicle can sometimes take several hours or even days. During that time a lot of information is passed back and forth and consumers sometimes get overwhelmed with all the information they receive. That is why we record and deliver the entire closing to the consumer after the closing. It gives the consumer the ability to review vital information and helps remind them what they committed to. This is more important today than it has ever been, now that the CFPB has the supervisor power over our financial entities.
On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. The Order states that section 1024(a)(1)(C) allows risk designation to be “based on complaints . . . or information from other sources,” and because Congress did not reference “verified complaints” or a similar qualifier, Congress did not intend to limit the types of complaints that can serve as the basis for a risk determination.
We want to make sure that before a consumer files a complaint, both the lender and consumer are on the same page. Contact us today to find out more about our transparent, compliant, closing tools.
