Free Compliance Assessment Quiz

6 Questions

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Free Compliance Assessment Quiz

Questions and Answers
  • 1. 
    I'm a consumer lender and I've been purchasing leads from an online lead generator.  They've been converting to loans really well.  I'm really happy.  I called them today to increase my daily lead purchase volume and they mentioned I could market the same lead for debt settlement services.  Is this ok for me to do?
    • A. 

      If you purchased the lead, yes

    • B. 

      Yes, but you must separate the solicitations; 1 for lending, 1 for debt settlement

    • C. 

      No. But you can sell the customer information to a debt settlement company

    • D. 

      No

  • 2. 
    I need to outsource some of my work to a vendor.  A friend who is in a similar business recommended a company and says they do great work for them.  I had them sign an NDA and reviewed their outsourcing agreement.  Am I good to go?
    • A. 

      Sign the agreement and you're good to go

    • B. 

      Have them sign your agreement, then you're good to go

    • C. 

      First they must be reviewed or audited, then maybe you're good to go based on the results

    • D. 

      Never do business with a friend's vendor

  • 3. 
    I'm a vendor and one of my clients asked me to send them our employee compensation and incentive plans.  That's confidential!  Why would they ask for this?
    • A. 

      Maybe you have a better incentive program

    • B. 

      To make sure reps are compensated well when working on your account

    • C. 

      To determine if the incentive plan is negatively impacted when complaints are received

    • D. 

      So they can add it to their audit file

  • 4. 
    I'm a senior manager of a call center responsible for compliance.  I have all of our policies and procedures in place and am auditing them regularly.  Our owners are happy to have me in the role.  They've only asked to let them know if I receive a CFPB complaint.  Do I have compliance covered?
    • A. 

      You're doing a great job!

    • B. 

      Owners and senior managers must be actively involved in compliance, training, and updated regularly.

    • C. 

      Also inform them of BBB and State Regulator complaints

    • D. 

      You must be a certified compliance professional as well.

  • 5. 
    I'm a lender and we hired a law firm to develop all of our regulatory policies.  We are now complying with all of the policies.  Am I missing anything?
    • A. 

      Procedures in support of each policy must be developed and audited

    • B. 

      If a law firm developed you're fine

    • C. 

      As long as you're in compliance with the policies, you're good

    • D. 

      No

  • 6. 
    I'm a lender or 1st party collections call center and have been told that I'm not subject to FDCPA regulations.  Is that entirely true?
    • A. 

      Yes. As a lender or 1st party call center you are not subject to FDCPA regulations

    • B. 

      No, you are also responsible for compliance with UDAAP as it relates to FDCPA

    • C. 

      Yes. As long as you are compliant with TCPA

    • D. 

      No. You are responsible for compliance with all aspects of FDCPA