Suppliers and your CMS
* This course is currently unavailable until further notice due to the Hunstein v. Preferred Collection and Management Services Inc. pending. *
The selection, management, and business relationships with suppliers and other service providers that comply with applicable state and federal consumer financial protection laws is a key component of any ARM business. This course lays the foundation for integrating supplier management into your overall compliance management system. (90 minutes, 0.75 PDU)
This course will prepare you for:
- Identify state and federal regulatory expectations for managing compliance risk, including unfair, deceptive, or abusive acts or practices (UDAAP) associated with relationships with third-party service providers.
- Assess whether external vendors can comply with applicable federal and state consumer financial protection laws and other key laws before entering into a business agreement.
- Establish internal controls and monitor third-party vendor compliance.
- Integrate risk management, controls and monitoring / audit activities for third party vendors into your overall CMS.
Estimated time for completion: 1.5 hours
Points of the Professional Development Unit (PDU): 1.5
Recommended prerequisite (s):
- Introduction to Collection Industry Compliance OR
- Understand and meet the expectations of the CFPB
REQUIRED FOR THE FOLLOWING ACA DESIGNATIONS:
- Credit and Collection Compliance Lawyer (CCCA)