Collector - October 2020 - 19

COVER

OPEN
THE
DOOR
Changing compliance from
the Department of "No" to the
Department of "Know" means
getting team members involved in
all aspects of your organization.

COLLECTOR 10.20

By Porter Heath Morgan, Esq.
and Wendy Badger, Esq., CCEP

ompliance departments and
compliance management systems
(CMS) are integral components
of collection agencies today. Both have
evolved over the past several decades from
reactive, one-person teams with informal
and unwritten policies and procedures to
fully staffed, proactive departments with
robust written and documented policies
that help form the foundation of an
organization's operations.
Since the Consumer Financial Protection
Bureau and other regulatory bodies began
exercising their supervision and examination
authority over agencies' compliance programs,
most companies have developed sophisticated
systems that measure processes and procedures
as well as overall quality assurance.
However, many agencies have let these
state and federal regulatory bodies define,
and essentially limit, their compliance
departments. For example, when regulatory
entities made directives to keep financial
production incentives separate from
compliance departments and employees,
it prompted many agencies to restructure
their businesses to keep their compliance
departments completely separate from
other teams.
As a result, the collection operations
and production departments often do not
benefit from the innovation and evolution
of the company's CMS. New and innovative
ideas are often "run through compliance"
after they have gone through several stages

C

19



Collector - October 2020

Table of Contents for the Digital Edition of Collector - October 2020

Collector - October 2020 - Cover1
Collector - October 2020 - Cover2
Collector - October 2020 - 1
Collector - October 2020 - 2
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Collector - October 2020 - Cover3
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