Ontario Systems and the Columbia Ultimate family of companies announced today the launch of the initial phase of their Consumer Financial Protection Bureau (CFPB) Gap Assessment and Readiness Evaluation Program. The two companies have recently partnered in an ongoing effort to provide resources and new solutions to the ARM industry that are designed to make it easier and more efficient to maintain compliance.
The CFPB Gap Assessment and Readiness Evaluation Program was designed under the leadership of Ontario Systems Chief Compliance Officer Rozanne Andersen. The new program will help asset purchasers, collection agencies, and law firms assess CFPB readiness, navigate compliance requirements, stay abreast of changing laws and regulations, and establish, closed-loop consumer complaint management systems
The evaluation program includes:
High-level on-site interviews with key client management and staff
Full analysis and review of client policies and procedures including scope and sufficiency
Compliance management system breadth and scope review
CFPB compliance dashboards
Assessment findings presentation, including a full readiness evaluation and recommendations
“Only Ontario Systems’ service delivers the expertise of an experienced legal team knowledgeable in the ARM industry, meeting our highest standards of competence,” said Columbia Ultimate family of companies President and CEO R. Fred Houston. “We’re pleased that together, we’ve been able to make the first step of this outstanding initiative available to the ARM industry. We will continue to collaborate and deliver a CFPB consulting service that stands apart from all the others available in the marketplace.”
Future phases of the CFPB Gap Assessment and Readiness Evaluation Program will include testing, reporting, and continuous improvement consultation. For more information visit ontariosystems.com
Established in 1979 and headquartered in Vancouver, Wash., the Columbia Ultimate family of companies is a privately held corporation servicing healthcare, collections agencies, debt buyers, banking and finance, retail and government sectors. The Columbia Ultimate family of companies includes Columbia Ultimate, RevQ, HealthWare and The Intelitech Group. RevQ provides industry leading software solutions and consulting services to improve collections in the government sector. The Intelitech Group is a business management and debt recovery consulting company that provides technology solutions designed to enhance profitability. HealthWare provides revenue cycle management solutions to the healthcare industry. More information is available at www.columbiaultimate.com
Ontario Systems, LLC is a leading provider of accounts receivable and strategic receivables management solutions for the collections and healthcare industries. Offering a full portfolio of software, services, and business process expertise, Ontario Systems customers include nine of the 10 largest collections agencies, and three of the five biggest health systems in the U.S., with 55,000 representatives in more than 500 locations. To learn more about how Ontario Systems can help power up your receivables, visit OntarioSystems.com.