Improving customer experience through compliant automation

Lenders are tasked with navigating a whole list of federal, provincial and state regulations that impact automobile lending, data security and privacy, consumer rights — all of which effect the customer’s experience — and it’s difficult to remain compliant as different government agencies update statutes and requirements. For example, lenders must abide by mandates like the Truth in Lending Act (TILA); The Equal Credit Opportunity Act (ECOA); The Servicemembers Civil Relief Act (SCRA); and The Unfair, Deceptive or Abusive Acts and Practices (UDAAP) regulation; all of which have complex requirements to ensure fair lending practices for consumers. Penalties for violations can be severe and may sometimes extend to industry partners such as original equipment manufacturers (OEM).