ConServe prides itself on maintaining its own Compliance Department: a unique and rare distinction. With over 21 years of experience in the industry, the VP of Privacy & Compliance oversees this area which also includes a Director of Compliance, three Compliance Managers, thirteen Quality Control Auditors and a Compliance Administrative Support representative on staff.
Compliance Management System (CMS)
ConServe's Compliance Management System (CMS) addresses consumer compliance issues and associated risks of harm to consumers in overseeing the investigation and resolution of consumer complaints and inquiries, often in conjunction with the Company's General Counsel Department. In addition, the Compliance Management System (CMS) conducts monthly, internal quality audits of ConServe's entire Professional Practices Management System (PPMS).
FISMA Compliant – ConServe maintains Federal Information Security Management Act (FISMA), which complies with the National Institute of Standards and Technology (NIST) 800-53 standards and guidelines.
SSAE 16/SOC 1 Type II Engagement - Established by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), SSAE 16 effectively replaces SAS 70 as the authoritative guidance for reporting on service organizations.
ConServe adheres to the wide range of regulations that govern our activities as a collection agency. ConServe complies with all provisions of the Federal (and state, where applicable) Fair Debt Collection Practices Act, Federal (and state, where applicable) Fair Credit Reporting Act, the Personal Privacy Act of 1974, the Gramm Leach Bliley Privacy Act, and all other applicable statutes, regulations, policies and procedures.
Regulatory Changes & Ensuring Compliance
ConServe is poised to react quickly to regulatory changes, updates and developments in the industry due to a support system comprised of full-time General Counsel, a dedicated Compliance Department, compliance technology, strict monitoring technology and participation in professional associations. Due to this extensive network, ConServe is proud to have never been in violation of industry regulations.
ConServe's Consumer Financial Protection Bureau (CFPB) compliance is enabled through an adaptation to its Compliance Management System (CMS). Taking into account business strategy and operations, it focuses on the following areas: Entity Business Model Internal Structure, Controls and Compliance Management, Controlled Compliance in its Communications under the Fair Debt Collection Practices Act (FDCPA) and Unfair, Deceptive or Abusive Acts or Practices (UDAAP) regulatory policy created under the Dodd-Frank Act, Policies and Procedures on Information Sharing, Privacy and Interactions with Consumer Reporting Agencies, Policies and Procedures to address Consumer Complaints, Dispute Resolution and Debt Validation, Payment Processing and Account Maintenance, Compliance with the Equal Credit Opportunity Act, Control of Litigation Practices and Time-Barred Debt.