MSB, FinTech and Cryptocurrency

Consumer Protection Operations

A client hired us to conduct an independent review of their consumer protection operations. This would be the client's first independent review of their consumer protection operations. This review presented a few challenges as many first-time independent reviews could reveal a few concerning gaps in their consumer protection program. We reviewed the client's consumer protection operations, as well as their current policies and procedures and presented our observations on their program's gaps. We were able to provide the client with a number of industry standards / best practices recommendations for them to enhance their program, including areas such as the Electronic Funds Transfer Act, Consumer Protection Act, and Remittance Transfer Rule. After providing our observations to the client, the client was able to take action to implement all the recommendations provided and shore up the gaps in their program to show their banking partners and regulators.