Compliance Umbrella was founded with the aim of providing a compliance system to U.S. businesses, enabling them to establish regulatory compliance practices at a minimal cost. Our CMS (Compliance Management System) is fully populated with procedures, training and a customized complaint system, and we have added features valuable for all businesses.
Free Added Features Include:
- Data Security Module
- Vendor Management Program
- Various Forms and Templates
The Federal protection bureau expects all companies to have a complete training program in place. Where needed, we will include additional training beyond the primary laws overseen by the CFPB. An example - some enforcement actions have mandated corrective action in telemarketing and compliance with the Telemarketing Sales Rule, 16 C.F.R. Part 310. This oversight resides at the FTC. Compliance Umbrella provides a training section on telemarketing for those clients who use telemarketing, either inhouse or via a service provider.
Who needs a CMS? All U.S. law firms, collection agencies, debt buyers, accounting firms, all direct and indirect finance companies with first party collections, SMBs, auto dealers, consumer businesses, Title and Pay Day Loans companies.
Some of these laws have been in place for quite some time, and the common business processes as well. Although it may seem unnecessary training for these (e.g. EFT transactions, TIL statements that display the total correct terms and APR on a loan), it is easy to run afoul of some finer points, such as disclosures, form retention, marketing scripts and advertisements.
Our particular focus is small,delivering exactly what the CFPB wants to see if they bring supervision or an audit to your company. This is the secret sauce at Compliance Umbrella.
OUR LEAN APPROACH is about to put on a little weight
We started with our subscriber's need to:
- Comply - We deliver what is stated or treated as mandatory by the CFPB (or their sister agencies).
- Price - Looking for a real solution at an un-real price? Our software delivery via your secure online access enables pricing that allows every-sized business to address CFPB requirements and protect consumers.
- Time - Many businesses will be able to achieve their desired compliance level without adding departments or personnel and without excessive time required.
- Maximize- We'll help you move (horizontally) at top efficiency to protect the consumer and to maximize your end result.
We're adding to the system and will release a process allowing our subscribers to build their own add-on modules. Start with our compliance offering, then add your own custom GRC areas, like HR, company procedures other than regulatory, build your own custom training programs!
The Consumer Financial Protection Bureau was formed under Dodd-Frank with the mandate to ensure compliance by all covered American businesses with 18 federal laws and regulations and another 6 laws enforced by the Federal Trade Commission. Never in the past has any federal agency initiated an audit & enforcement effort aimed broadly at all American businesses.Their efforts are vigorous and focused.
The Federal Trade Commission also requires compliance across several areas. Small & Medium Businesses (SMBs) are responsible for the same laws as large corporations but have far fewer resources for this challenge. In their first four years, the CFPB has collected fines and penalties in the billions of dollars. The smallest business they penalized was a one-man home builder in Texas. They are actively enforcing at small and medium-sized businesses on those who "come into their view." This is explained in our site. New directions in enforcement, such as extending the Collections Practices Act (FDCPA) to cover 1st party lenders (a "Simple Rulemaking" says the CFPB) are focusing SMB attention on compliance.
Compliance Umbrella has a solution that helps get the job done - at a minimal cost.