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Today is: February 23, 2018  

Compliance Companion®
Standard Procedures Manuals (SPM)

Consumer Lending Compliance November 2015

Standard Procedures Manual #1 reviews all of the major federal and state regulations relevant to consumer credit compliance.  The Manual is organized around the life cycle of a consumer credit transaction, beginning with advertising and marketing, through formulation and review of an application, loan closing, loan servicing, and changes after closing – whether with the borrower’s consent or due to the consumer’s default.  This approach allows for a review of each regulation at the stage in the life-cycle of a consumer loan when the regulation is relevant.

Note that this Manual does not address mortgage loans.  Refer to BCG Standard Procedures Manual #8, Mortgage Lending Compliance, for the compliance requirements regarding mortgage loans.

This Manual covers the following topics:

  • Introduction and coverage of the major regulations
  • Marketing, advertising and solicitations
  • Distributing the application
  • Receiving and processing the application
  • Loan closing
  • Contract and promissory note issues
  • Loan servicing
  • Subsequent changes
  • Creditor’s remedies on default
  • Penalties and liability

The Manual also includes separate discussions regarding any unique compliance issues associated with the following types of consumer loan products:

  • Personal unsecured loans and lines of credit
  • Overdraft lines of credit
  • Credit cards
  • Loans secured by certificates of deposit
  • Loans secured by stock
  • Automobile lending (direct and indirect)
  • Automobile leasing
  • Retail installment sales contracts
  • Manufactured homes, mobile homes and recreational vehicles

The main text of the Manual is 590 pages, plus 51 pages of appendices.


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