An opportunity to join a growing company that offers a technology platform that seems ideally suited to meet requirements issued by the Consumer Financial Protection Bureau is what Barb Sinsley found attractive enough to join FactorTrust earlier this month.
FactorTrust specializes in alternative credit data and financial compliance products for the subprime lending market, and one of its core offerings is helping lenders determine a borrower’s ability to repay a loan when making an underwriting decision. It is that ability to repay that the CFPB has focused on in the proposed short-term, small-dollar lending rule it recently issued.
This company “has been doing that for 10 years,” Sinsley said last week during a telephone interview. “When you get opportunities in life, you have to say, ‘Let’s go.’ ”
Sinsley joined FactorTrust as the general counsel and chief compliance officer. In those roles, it will be Sinsley’s job to make sure that the products and services offered by FactorTrust meet the requirements and expectations of the CFPB and what they are looking for from lending institutions.
“We already have the ability to predict the ability to repay, so I hope we can continue to work with the CFPB to come up with responsible solutions that protect lenders while ensuring consumers have access to the credit they deserve,” Sinsley said.
Sinsley most recently worked at Barron & Newburger, a law firm.
“This company is uniquely positioned, and I am always looking for fun things to do, whether it’s zip lining or work,” she said.