We provide support to confirm that your garnishment practices aren't heightening financial, regulatory, or reputational risk for your bank.
No one wants to face the financial penalties, reputational harm, or other consequences of mishandling garnishments.
But staying on top of the regulations is demanding. Laws vary by jurisdiction and can change, you must manage each garnishment order accurately and on time, and you have to accommodate the rights of creditors and your customers.
But sometimes, you're short on staff, expertise, and time for such an intense and complicated task.
That's why it's a smart move to partner with TCA Compliance.
We devote our expertise and time to reviewing your garnishment policies and practices in detail.
In addition to advising you on what to do to pass your next exam, we recommend ways to make your daily process more efficient, effective, and less painful.
During our reviews, we follow the procedures that your bank examiner will follow.
That includes assessing your approach to handling new garnishment orders, identifying your approach's risks, and recommending other, better options.
Also, reviewing your technology can reveal whether your current software is helping or hindering you in managing your garnishment responsibilities.
In addition, we evaluate whether you're making the correct calculations, withholding the proper amounts, and if you're dispersing the money to the right creditors on time.
How you protect customers’ privacy and data, whether you’re treating them fairly, and if your long-term record-keeping is sufficient to satisfy regulators are also part of our work.
In appraising your garnishment procedures, TCA's A Better Way helps you reduce your risk exposure.
Key deliverables include:
- Evaluating your policies and procedures for managing garnishment orders.
- Ensuring that you respect customers' rights.
- Sharing the latest regulatory changes at the federal and state level that affect your bank.
- Offering advice on streamlining your garnishment approach.
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Do These Activities Qualify for CRA Credits?
COVID-19 has caused nationwide turmoil, including in the financial services industry. Banks have been flooded with inquiries regarding deferral of payments, modification of loan provisions and loan requests to keep businesses afloat. Many banks have asked TCA whether certain activities would be considered as CRA credits or qualified community development activities. The first of many […]
