The Columbia Ultimate family of companies and Ontario Systems announced Tuesday a limited partnership to deliver accounts receivable management and Consumer Financial Protection Bureau (CFPB) compliance services to their clients.
The offerings, which leverage an existing set of compliance measures created by Ontario's Chief Compliance Officer Rozanne Andersen, are designed to help asset buyers, collection agencies and law firms assess CFPB readiness, navigate compliance requirements, stay abreast of changing laws and regulations and establish robust, closed-loop consumer complaint management systems.
Compliance services include:
• CFPB consulting services: Consultation designed to improve readiness for CFPB examination process and improve the level of compliance with CFPB requirements
• Compliance management systems: Monitoring, implementing, documenting, and training that address changes in requirements
• Closed-loop consumer complaint resolution programs: A program to record, investigate, respond to and resolve all complaints filed against the agency
• ARM training: Topical, issue-specific training including exams and continuous improvement testing modules
“These are very challenging times in the ARM industry,” says Vancouver, Wash.-based Columbia Ultimate family of companies President and CEO R. Fred Houston. “Meeting those challenges means maintaining compliance, and we want to ensure our clients have the resources they need to do just that. The CFPB consulting services and ARM compliance solutions and training we will offer by partnering with Ontario Systems are the best in our industry and will provide our clients with the critical guidance they need. We look forward to working collaboratively with Ontario Systems in the future as a way to support our customers and the ARM industry as a whole.”
Adds Ron Fauquher, CEO of Muncie, Ind.-based Ontario Systems, “Maintaining compliance in our industry is no longer a simple matter of being aware of laws and regulations. Those operating in the market need to take a holistic approach that goes well beyond simple knowledge. Both Ontario Systems and Columbia Ultimate share a common vision of equipping our customers with the best practices in the ARM space, by providing consultation, technology, and ongoing education. We’re excited to continue down that path with a partner who shares the same commitment to serving their customers that we do, and we look forward to what the future holds for our two companies.”