Collector - November 2017 - 24

AUDITORS WANT YOU
TO SELF-REPORT

REGULATORY RED FLAGS
1. Companies that don't have a compliance officer on staff, or
someone specifically charged with compliance responsibilities.
2. Failure to notify state regulators of operational changes, such
as a new owner or branch location.
3. Failure to notify regulators of violations in other states.
4. Failure to comply with audit documentation request deadlines
without advance notification to regulators.

The so-called "best" type of issue or
problem is one that you identify on your
own, mitigate and then self-report to
regulators. As frightening as this may seem,
it's not uncommon. Even if an issue hasn't
lead to a complaint, if it could have, it's best
to let the regulator know what happened
and what steps you've taken to prevent it
from happening again.
"We'd much rather come across it as a
self-report than something we find in an
investigation," Storvick said. "If there's a
problem, you should have been aware of
it. With all our licensing boards, when
companies self-report and take actions to
correct issues so that they are not repeated,
that's looked on kindly."

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24

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Table of Contents for the Digital Edition of Collector - November 2017

Upfront
Industry News
Best Practices
FYI
Collection Tips
Making the Right Choice
Getting Your Ducks in a Row
Highlight Reel
Putting it all Together
Calendar
Honor Roll
On Call
Hire Purpose
CFPB Pursues Two Student Loan Servicers
Compliance
ACA SearchPoint
Last Word
Collector - November 2017 - Cover1
Collector - November 2017 - Cover2
Collector - November 2017 - 1
Collector - November 2017 - Upfront
Collector - November 2017 - 3
Collector - November 2017 - Industry News
Collector - November 2017 - 5
Collector - November 2017 - 6
Collector - November 2017 - 7
Collector - November 2017 - Best Practices
Collector - November 2017 - 9
Collector - November 2017 - FYI
Collector - November 2017 - 11
Collector - November 2017 - Collection Tips
Collector - November 2017 - 13
Collector - November 2017 - Making the Right Choice
Collector - November 2017 - 15
Collector - November 2017 - 16
Collector - November 2017 - 17
Collector - November 2017 - Getting Your Ducks in a Row
Collector - November 2017 - 19
Collector - November 2017 - 20
Collector - November 2017 - 21
Collector - November 2017 - 22
Collector - November 2017 - 23
Collector - November 2017 - 24
Collector - November 2017 - 25
Collector - November 2017 - Highlight Reel
Collector - November 2017 - 27
Collector - November 2017 - 28
Collector - November 2017 - 29
Collector - November 2017 - 30
Collector - November 2017 - 31
Collector - November 2017 - Putting it all Together
Collector - November 2017 - 33
Collector - November 2017 - 34
Collector - November 2017 - 35
Collector - November 2017 - Calendar
Collector - November 2017 - Honor Roll
Collector - November 2017 - On Call
Collector - November 2017 - 39
Collector - November 2017 - Hire Purpose
Collector - November 2017 - 41
Collector - November 2017 - CFPB Pursues Two Student Loan Servicers
Collector - November 2017 - 43
Collector - November 2017 - Compliance
Collector - November 2017 - 45
Collector - November 2017 - ACA SearchPoint
Collector - November 2017 - 47
Collector - November 2017 - Last Word
Collector - November 2017 - Cover3
Collector - November 2017 - Cover4
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