Along with being ranked as one of the country’s fastest-growing private companies by Inc., FactorTrust this week hired Barbara Sinsley as general counsel and chief compliance officer.
FactorTrust indicated Sinsley will provide the company with legal and regulatory guidance and manage its internal and external compliance programs and products.
The company went on to mention Sinsley's 26 years of experience perfectly aligns with FactorTrust’s efforts to provide finance companies with the most up-to-date and effective regulatory compliance information and solutions. She has extensive experience working with regulators such as the Consumer Financial Protection Bureau, the Federal Trade Commission and attorneys general.
Prior to joining FactorTrust, Sinsley practiced with Barron & Newberger, where she made a name for herself through intelligent representation of servicers, creditors, debt collectors and debt buyers, focusing on improving compliance management systems.
“We are confident Barbara will be instrumental in expanding our footprint as a trusted partner to lenders, helping them stay compliant amidst ongoing industry changes and ultimately helping underbanked consumers get the credit they deserve,” FactorTrust chief executive officer Greg Rable said.
“Barbara is a highly accomplished attorney who has managed complex compliance issues, and her insight and comprehension of the regulatory environment will be a true asset to the company as we continue to develop our line of regulatory products,” Rable continued.
Meanwhile, FactorTrust highlighted it was the only private, alternative credit bureau to make the Inc. 5000 list as it was also ranked the eighth-fastest-growing financial services firm in Georgia.
The current year has brought tremendous growth for FactorTrust due to industry growth and better recognition of the impact of alternative credit data for assessing the creditworthiness of underbanked consumers. Part of the growth has been a result of the compliance needs set forth by a proposed rule from the CFPB.
To date, the company has doubled its employee base and released two new products, LendProtect ATR and LendProtect MLA, which both focus on lender compliance. Additional product launches are planned for later this year.
“Our ability to thrive in a competitive market is grounded in our team’s foresight and aptitude for understanding our customers’ needs and innovating to meet those needs,” Rable said.
“In a highly regulated market, it’s imperative that both lenders and service providers stay nimble. This ability to pivot not only benefits lenders, but offers consumers better credit options, as well.”
This marks the third Inc. 5000 ranking for FactorTrust, which is in good company. Inc. reported this year represented the most competitive crop in the list’s history. The average company on the list achieved an astounding three-year growth rate of 433 percent.