Cleared the path for a lending marketplace to partner with regulated banks and other lenders.
Objective
Update operational systems to ensure compliance with the requirements of a regulated partner.
Background
A market-leading online lender exchange in the U.S. was entering into a new partnership with one of the largest banks. The client is highly visible, making them vulnerable to competitive pressure as well as regulatory scrutiny. Their lender network includes hundreds of members, including large lending institutions, regional lenders, and an increasing number of emerging alternative players. Their new bank partnership was expected to increase prospect referrals and earned income substantially, but also required the client to undergo an especially rigorous and comprehensive vendor due diligence process.
See also:
Challenges
The client was expected to upgrade certain aspects of their compliance program to fulfill the stringent requirements of their prospective bank partner.
InnReg's Solution
Conducted compliance assessment.
Reviewed and rewrote client’s information security policies and procedures to identify and address any gaps.
Updated processes to close all procedural gaps and codified the new system.
Client Results
Successfully completed vendor due diligence and contract negotiations with the new partner.
Established an enhanced compliance and operations foundation that supports ongoing growth. As a result, the client was able to process more customer requests, increase their network of lending partners, and expand into new lines of business such as student loans, debt consolidation, and credit counseling.
