Due to the recent focus on the payment processing industry by several federal agencies including the Department of Justice (DOJ) and the Federal Deposit Insurance Corporation (FDIC), leam2comply has developed a compliance practice to assist lenders and third party payment processors (TPPP) in complying with new guidance on payment processing . We focus not only on actual processing of payments but on how TPPPs can improve their overall compliance capabilities by reviewing additional areas of their client’ s business.
We assist TPPPs, financial institutions , and lenders by performing the following services:
- Enhancing required due diligence qualifications for TPPP clients
- Assisting TPPPs in reviewing due diligence items and prequalifying lender applications
- Assisting TPPPs in performing quarterly compliance reviews of lender clients
- Ensure adherence to NACHA rules, OLA best practices and other regulatory guidances
- Perform audits of TPPPs and TPPP clients
- On-going review client payment processing activity to ensure adherence with the consumer loan agreement.
- Underwriting guidelines for ODFIs
- Development of policies and procedures for ODFIs
- Board reporting templates
- Triggers for client audits based on severity of violation of client underwriting rules