Consumer Protection

We guide you through dynamic regulatory reviews and remediation to drive consumer loyalty, business growth and compliance.

Our goal is to ensure that you meet your organization’s needs, adhere to regulatory expectations and leading industry practices, and build sustainable compliance capabilities to support future growth.

Disruptive technologies, evolving customer loyalty, and pressure to enhance economic returns define just some of the challenges financial services organizations need to overcome. The dynamic regulatory landscape and increased emphasis on cost reduction only add to the complexity of achieving profitable growth.

Regardless of your organization’s complexity, our experts partner with you to evaluate your compliance program design and operational effectiveness.

Evaluate your compliance program design and operational effectiveness

Compliance Management Program Services

We partner with you to perform a holistic assessment of your compliance management program design to define its consistency with regulatory expectations and leading industry practices. Then, we evaluate any in-progress action plans to address known gaps with your compliance program and related improvement opportunities, coupled with practical enhancement recommendations to address these items.

Consumer Compliance Regulatory Reviews

We assess regulatory compliance with all federal and state consumer protection laws at the program or product level. Based on your needs, we perform targeted or comprehensive reviews informed by prudential regulator examination procedures. Using regulatory examination procedures as a baseline, Protiviti develops a testing methodology to assess your practices across product lifecycles, including or limited to marketing, origination, servicing, and loss mitigation.

Regulatory Consent Order and Remediation Support Services

Protiviti’s regulatory remediation services support our clients with every stage of the remediation lifecycle, including the development and approval of a remediation plan, execution of the remediation plan, and monitoring and validation as requested or required by regulatory action.

Compliance Operations Support Services

We assist our clients from call centers to loan processing, with creating, operating, and overseeing workflows efficiently, enabling compliance with laws and regulations. Our unique Managed Business Services offering allows us to quickly and easily combine our consumer compliance expertise and program management capabilities with qualified resources to scale our solutions to fit your specific needs.

Compliance Audit Support

Protiviti’s team of former regulators and consumer compliance experts support you in designing, managing, and performing audits to assess compliance with regulatory requirements and expectations. Regulatory compliance audits can be complex and place strain on your resource capacity. You need a partner with a proven track record of supporting various audit activities using co-source, outsource, or staff augmentation models.

Our Approach

We tailor our solutions to meet your organization’s unique needs and industry

Our proven frameworks and methodologies are defined yet iterative, enabling us to be agile in adapting to changing product, organizational, and regulatory environments. Our Consumer Protection team includes industry experts, former regulators, and highly skilled staff with experience helping our clients navigate the most complex and sensitive consumer compliance matters.

Protiviti combines world-class consumer compliance expertise, and the largest network of highly skilled specialized staffing resources to address your consumer compliance needs through compliance program management, regulatory reviews, consent and remediation support, and operations and audit support. We tailor our solutions to meet your organization’s unique needs and industry.

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We tailor our solutions to meet your organization’s unique needs and industry

Consent Order Support

A global consumer and commercial card lender with over $150 billion in assets under multiple consent orders pertaining to specific regulatory violations required retention of an independent consultant to review the client’s entire compliance framework and process, along with assessing the adequacy of overall compliance staffing levels. Additionally, our client required ongoing monitoring and board-level reporting of remediation efforts.

We performed a comprehensive review of the lender’s compliance framework, related processes, and controls to identify opportunities to strengthen their compliance plan further. This involved documentation reviews, interviews with key stakeholders, and an overall assessment of their compliance framework against industry standards, including an evaluation of staffing levels and skills assessments. Our team also built out reporting capabilities that enabled timely communication to the board and senior management on remediation activities.

We provided a detailed evaluation of their compliance plan that included opportunities for enhancement and a roadmap of activities to achieve the target operating state. This provided the lender additional insights to strengthen their compliance plan submission and receive regulatory approval.

CFPB Readiness Assessment

A top U.S. consumer reporting agency that also offers fraud and identity theft, account management, and debt recovery services recently became subject to supervision by the CFPB. Management requested an independent evaluation of the strength of its compliance risk management program for consistency with CFPB requirements and expectations and their readiness to demonstrate both technical compliance and the effectiveness of their compliance management systems to the CFPB.

We staffed a team of former regulators and industry professionals to review the consumer reporting agencies' compliance risk management program leveraging Protiviti’s proprietary Compliance Framework. This included an in-depth review of all compliance risk management components, including consumer complaints management, risk assessment, regulatory change management, monitoring and testing, compliance governance, and issue management frameworks.

We provided a detailed report that included a current state assessment of their compliance risk management program components, gap assessment of current state in comparison to regulatory expectations and industry standards, program maturity assessment summary, and a compliance implementation roadmap. We also supported implementation of program enhancement opportunities.

Leadership

Shelley Metz-Galloway

Shelley Metz-Galloway is a Managing Director in Protiviti’s Metro D.C. Office. She has more than 25 years in the financial services industry. Shelley offers expertise in consumer regulatory compliance, enforcement action response and remediation, compliance, fair ...

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Steven Stachowicz

Steven is a Managing Director with Protiviti's Regulatory Risk Consulting practice and is located in Chicago. Steven has led internal audits, reviews, and assessments of our clients’ compliance management systems and technical compliance with consumer protection laws ...