YSG’s policies and procedures are designed to support compliance with all applicable state and federal regulations, including newly defined requirements. Compliance is ensured through a formal Compliance Management System including, but not limited to:
- Formal policies and procedures related to regulatory compliance include Compliance Management, Fair Lending/ECOA, FCRA, UDAAP Prevention, GLBA Compliance, Customer Complaint Management, Data Privacy and Security, TILA, TCPA, Regulatory Compliance Training, Credit Card-PCI Processing, Monitoring/Audit, Military Lending Act, and Service Provider Oversight.
- YSG monitors CFPB guidance and actions and adjusts operations, as needed, to ensure compliance with regulations and consistent consumer protection.
- The Director of Compliance serves as the point person for regulatory compliance-related matters.
- Ongoing and formal leadership support is provided throughout all aspects of the Company to ensure a culture of compliance that ensures appropriate implementation of policies/procedures, including monitoring operations on a regular basis. The CCO or other Managing Partner presents a regulatory compliance report to the Board on a regular basis.
- Guidance is obtained from regulatory compliance and legal experts with comprehensive knowledge of the auto finance industry. This guidance has been used in advance, to design operating methods that are compliant with state and federal regulations. Expert guidance will also be obtained on an ongoing basis to ensure continued compliance. In-house legal/regulatory staff may be added as loan volume and Company growth warrants.
- YSG provides initial and regular, ongoing staff training regarding regulatory compliance, consumer protection, and implementation of YSG operating policies and procedures, including those that address physical, administrative, and data security.
- YSG maintains a fraud reporting hotline and allows staff to report anonymously if they choose to do so.
- YSG supports all client Lenders’ requirements related to their Service Provider Oversight obligations.
- YSG actively conducts Service Provider Oversight efforts on their vendors that are involved in regulated activities.