SCOTTSDALE, Ariz., Oct. 15, 2015 /PRNewswire/ -- The online lending industry is growing at a rapid pace and Blue Global Media, an online lending company located in Scottsdale, Arizona, is taking steps to ensure its practices are the gold standard in the area of regulatory compliance. Recently the company began implementing several new policies and procedures that show its commitment to ethical business conduct — a differentiator in the increasingly crowded online lending marketplace.
Carol Flynn Taylor, who oversees Blue Global's compliance program and has managed its overhaul since joining the team earlier this year, points to three catalysts that have driven the need for change: the growing online lending industry, increased regulatory scrutiny and the changing regulatory environment.
"In our effort to protect consumers, we've identified some adjustments that, once put in place, will give Blue Global a compliance program that defines the new standard for integrity and quality," Taylor said. "Our team is working diligently to integrate these new practices as quickly as possible."
According to Taylor, this includes a renewed focus on providing lead buyers assurance that Blue Global's leads meet legal and regulatory requirements, promoting a positive reputation for the industry, and encouraging the informed and responsible use of consumer credit and short-term credit services.
"We take compliance very seriously," said Blue Global Media CEO and founder, Chris Kay. "Under Carol's leadership, we were recently accredited by the OLA and we're updating and formally documenting policies and procedures and improving internal controls to add an extra layer of protection for consumers."
Some of the enhanced polices under Blue Global's revised compliance program include the CAN-SPAM, Consumer Information Security, Equal Credit Opportunity, GLBA, Information Security, Lead Buyer, Lead Seller, Third-Party Provider Management, Truth in Lending, and UDAAP policies. The company is also implementing a new Information Security Awareness and Training program for employees focused on developing information technology skills and knowledge related to security. This is in addition to other internal controls such as revamping websites to be even more compliant, adding stricter compliance requirements to contracts, restricting buyers' use of lead data, and requiring buyers to sign a compliance addendum to continue purchasing leads.
"Our goal is for Blue Global's compliance practices to lead the industry and for us to be a trusted source for lenders, borrowers and regulators," Kay said. "We're going to achieve it through a demonstrated commitment to transparency, financial education, business ethics and consumer protection."
About Blue Global Media
Scottsdale, Arizona-based Blue Global Media is a preeminent consumer loan lead generation company. Founded in 2006 by Chris Kay, the company has one of the largest networks of affiliates and provides its customers with quality, real-time leads. For more information about Blue Global Media, visit http://www.blueglobalmedia.com.
SOURCE Blue Global Media