In developing the application, eSoftware Solutions, in consultation with Ballard Spahr, LLP, reviewed the requirements set by the CFPB (Consumer Financial Protection Bureau), the US-government agency responsible for auditing the financial sector. The result was the design of an all-in-one compliance software solution to help prepare creditors for a potential CFPB audit. "As the CFPB ramps up its rule making, we recognized the need for an automated system to enable our clients to successfully manage the ever-increasing federal compliance requirements," said Scott Putnam, CEO of eSoftware Solutions.

To ensure that personnel are learning proper compliance protocols, eCompliance has a built-in training module that provides a number of staff-training tools. "eCompliance is far more than a compliance system," said Putnam. "It also administers and manages your entire company training program for all the users in the organization, whether at the corporate office or the local branch, to ensure a proper compliance protocol."

Employees can be trained through watching videos, following links, reading documents, and taking company-specific exams that can be attached to any training session. By utilizing the exams feature, management can ensure that employees are taking their training sessions seriously and understanding their compliance responsibilities.

Mark Furletti, a partner at Ballard Spahr, who assisted in the development of the eCompliance policies, explained as follows: "The CFPB has made it abundantly clear that lenders must have a robust compliance-management system ("CMS"). And, in the Agency's most recent publication summarizing exam findings, it notes that non-bank lenders have fallen short in this area. eCompliance is a foundation on which a lender can build a solid CMS."

Through using eCompliance's advanced features, lenders receive a more well-rounded approach to compliance that surpasses any other solution on the market. While other compliance products provide a simple checklist of things lenders should do, eCompliance provides them with all of the essential tools to remain compliant. In just a few clicks, lenders have the ability to review, adopt, and implement the latest policies, regulations, and procedures that should be followed in order to remain compliant with CFPB standards. Furthermore, the system is equipped with an employee database to help lenders maintain accurate records of all the people working within their organization.