IntegrisMobile for Financial Services
The Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. The federal truth in lending statute protects consumers by governing disclosures for both “closed end” and “open end” credit transactions requiring creditors to make certain disclosures before the transaction is consummated. Ensuring program integrity throughout the entire consumer lending process is job number “one” for financial service corporations and serves as a critical component of good corporate governance and compliance.
At the application stage, disclosure of terms and conditions allows the consumer to compare credit offers from different financial institutions. At the acceptance stage, full disclosure of terms and conditions allows the consumer to adequately predict how much the credit arrangement will cost and whether it is a good financial move.
There are both civil and criminal penalties for different violations of the Act. Creditors can be liable for violating the disclosure terms of the Act even if the consumer was not hurt by the violation. Courts may award the consumer actual damages, attorney’s fees, court costs, statutory damages and more. When one considers the damage to brand and reputation, the costs grow even more.
While compliance technology exists for those who work in an office setting, lending processes that involve mobile professionals involves unique challenges in enforcing and monitoring for compliance. IntegrisMobile, IntegrisManager, and our IntegrisListener “plug-in” provide an end-to-end solution for audit and compliance and risk mitigation through real-time monitoring and archival of actual lending interactions during mobile and “away from the office” interactions.
- Training and enablement: Allows for monitoring of trainees during live training scenarios.
- Deterrence: Existence of the tool and capability, either ad-hoc or scheduled, can deter use of questionable tactics.
- Real-time monitoring: Same-time, different place listening capability of mobile personnel.
- Archival: Audio records of interactions can be stored with full “chain of custody” for later retrieval should they become needed.