By PerformLine | May 21, 2024

When a new regulatory update is issued—whether it’s the Federal Reserve changing interest rates or a new rule requiring updates to disclosures under TILA—banks and consumer finance companies are expected to implement these updates across marketing channels and assets quickly. But, compliance teams are often constrained by limited bandwidth and resources. 

Even when it seems like good progress has been made, it usually doesn’t account for all the unknown places across the web where a product is being promoted, leaving significant risk gaps. The complexity and scope of these updates require a solution that goes beyond manual processes.

There is a more comprehensive and efficient way—with PerformLine.

PerformLine revolutionizes how banks and consumer finance companies manage regulatory updates by automating and streamlining the process of discovering and monitoring content across the web.

Identify all web pages that need updates within a fraction of the time

When regulatory updates require mass changes across marketing materials (like interest rate changes, for example), PerformLine’s automated technology can help banks quickly identify any outdated rates, terms, fees, or other information across the web at scale.

PerformLine not only covers known promotions, but also discovers any unknown placements with inaccurate or outdated information, significantly increasing your coverage.

Manual efforts to update information across multiple platforms are time-consuming and prone to human errors and risks. PerformLine eliminates these inefficiencies, allowing banks to focus on strategic actions rather than tedious content searches. 

And, all of this is achieved within 48 hours or less—a timeframe that is impossible with manual efforts.

Here’s a closer look at the capabilities of PerformLine:

• Automated discovery and monitoring: PerformLine’s technology scans the web for any outdated or inaccurate language around key terms such as interest rates, fees, and promotional offers at scale
• Comprehensive alerts: When outdated language is detected on a company’s website, affiliates, partners, or other placements, PerformLine flags that page for review within the platform, saving countless hours that would otherwise be spent manually searching for content
• Centralized documentation: All remediation actions and communications are documented within the PerformLine platform, allowing banks to demonstrate to regulators the steps they’ve taken to update materials and protect consumers while maintaining compliance

By leveraging PerformLine, banks can ensure regulatory compliance in a fraction of the time, protect consumers by providing accurate and up-to-date information, and save time and resources that would otherwise be spent on manual updates. This automated solution is a game-changer for the industry, streamlining processes and ensuring accuracy and compliance.

Real use cases and examples

Monitoring APRs

PerformLine has made a significant impact in monitoring annual percentage rates (APRs). 

For example, when the Fed announces rate changes, banks must quickly update their APRs across all platforms. 

One bank client experienced a rate change within the first 60 days of partnering with PerformLine. Instead of scrambling and spending hours trying to make these adjustments manually, the bank was able to review all APR placements across the web within a fraction of the time. 

Within 24 hours of the rate change, the bank identified those with outdated information, and  remediation notices were sent directly through the platform. As a result, the publishers updated their content within 24 hours of receiving the notice. 

Preparing for the CFPB’s late fee rule

Another critical use case is preparing for regulatory changes like the Consumer Financial Protection Bureau (CFPB)’s late fee rule. 

While this rule was paused at the last minute, banks were already preparing to comply. PerformLine was able to identify thousands of web pages where late fees would have needed updating for clients.

One bank client, with the goal of being proactive in complying with the late fee rule, was looking to identify all affiliate pages that included information on late fees. Over 7,600+ web pages were identified that would need to be updated if the rule went into effect, 55% of which were previously unknown by the client and discovered by PerformLine. 

The late fee rule is on hold for now, but the bank was able to prepare to make any necessary changes within 48 hours. If the rule ends up being implemented in the future, the bank can be assured that they’ll be able to make updates quickly with PerformLine.

The advantage of automation and technology

Manual efforts to update information across multiple platforms are not only time-consuming but also prone to errors and risk. 

With PerformLine, banks can:

• Ensure regulatory compliance within a fraction of the time
• Protect consumers by providing accurate and up-to-date information
• Save time and resources that would otherwise be spent on manual updates

Comply with regulatory updates fast with PerformLine

How is your company ensuring that your content is up-to-date in light of updates and ever-changing regulations?

Learn more about how PerformLine can help you comply at scale while saving time and resources.