TheRegulatoryEnvironmentImpactonSafeguard.pptVIP

* * * You should make sure the work is completed correctly before being updated and invoiced. In addition to SQA and FQC reviews which may directly affect your performance and Safeguard’s relationship with its clients, there may be a chance of the deficiencies being noted by government agencies and the deficiencies may lead to future damage for which you may be liable. * * * * * * * * * * * * Tom Clark, REO Project Director The Regulatory Environment Impact on Safeguard * Training Objective To Increase Vendor Awareness of the Regulatory Environment in Which We Operate: Consumer Financial Protection Bureau (CFPB) False Claims Act Gramm-Leach Bliley Act (GLBA) Protecting Tenants at Foreclosure Act (PTFA) Servicemembers Civil Relief Act (SCRA) Fair Debt Collections Practices (FDCPA) Unfair Deceptive or Abusive Acts/Practice (UDAAP) HUD Debarment Compliance with state and local license requirements Overview of Regulatory Environment the Impact on Safeguard * Consumer Financial Protection Bureau (CFPB) Overview of the CFPB The CFPB was created by the Dodd-Frank Wall Street Reform Consumer Protection Act (“Dodd-Frank Act”). This agency has the responsibility of monitoring financial institutions and its affiliates. What the CFPB means to you Safeguard, our clients and vendors are directly regulated by the CFPB. We should expect to be audited The CFPB requires Safeguard and our clients to implement a compliance management system, which is one of the driving forces behind vendor audits. Consumer complaints need to be tracked, analyzed and trended, with corrective action taken to prevent future occurrences if the complaint has merit. Any Safeguard vendor that receives a consumer complaint should call Safeguard Customer Service. The CFPB can impose substantial fines for non-compliance. * Examples of Consumer Complaints Definition of Consumer Complaint: A complaint regarding in-scope services Safeguard did or should have provided. All of these examples woul