CFPB 3rd Party Risk Assessments for Debt Buyers, Lenders, and Agencies

Global LiquidEdge Solutions, a leading provider of compliance, analytical and operational services to the financial industry, is proud to announce its 3rd Party CFPB Risk Assessment.

What risk are you carrying with your 3rd party vendors?  With CFPB audits looming in the near future, most debt collection organizations are of the belief that they’re too small to be audited – “the $10 million in annual receipts threshold.”  Organizations that maintain relationships with lenders or debt buyers who qualify are likely to be audited. That’s the bad news.

How would you fare if audited by the CFPB?  Here’s the good news!  LiquidEdge has developed a comprehensive risk assessment program designed to identify CFPB risk within your 3rd party vendors. If you are not properly prepared for CFPB audits, your organization could be adversely impacted.

How can you successfully prepare for your CFPB audit?  LiquidEdge efficiently evaluates which vendors are at risk and why.  Our auditors perform a targeted on-site audit of those vendors at risk and address areas rated unsatisfactorily.

LiquidEdge’s Founder and CEO, Rick Wittwer stated, “The aggressive stance the CFPB is taking on debt collections will dramatically change how consumer debts are collected and how collection operations are organized. Collection operations have been working to make some changes in their organizations but have been neglecting to audit their 3rd party vendors. This limits the scope, scale, and cost of on-site audits required.”

Carmine Dorio stated, “In my 40 years in debt collection, I can’t remember a time when there has been so much change in the industry.  Ultimately, the wholesale changes required by the CFPB will cause many agencies and debt buyers to exit the industry if they don’t comply. Global LiquidEdge’s 3rd Party Assessment Program is affordable and can be completed in a short period of time.”

Global LiquidEdge Solutions is a privately held company with offices across the United States.  Global LiquidEdge Solutions is a leading provider of compliance, analytical and operational services to the financial services industry.