Case Study
April 21, 2023

Helping A Financial Institution Meet Regulatory Compliance Requirements

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Executive Management asked Elliott Davis to help answer: “Can you help us align our processes and technology, specifically our 3rd party collection processes, with federal regulations?”

  • Financial Institution with over $10B in assets
  • Rapid growth required robust process documentation aligned with regulations, including the Fair Debt Collection Practices Act (FDCPA) and Real Estate Settlement Procedures Act (RESPA), to support compliance and appropriate onboarding of personnel
  • Needed an analysis of their internal collections and servicing plan
  • Priority: Document key processes within their Specialty Lending Group (SLG)
Our Approach
  • Documented current state processes
  • Conducted a regulatory gap analysis Identified and developed additional steps, policies, and process
  • Assessed where technology improvements could impact processes
  • Developed future state processes and procedures
  • Developed and performed policy training content for existing personnel and future onboarding
Client Impact
  • Identified several areas to improve efficiencies to become compliant and integrate technology
  • Client received documented policies and training support to enhance employee compliance with policies and regulations
  • Overall, drastically reduced future regulatory criticism of in scope processes
  • As part of the process, uncovered other departments that can leverage same improvements
We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team below.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

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