The CFPB continues to monitor complaints, issue enforcement actions, and discuss the four Ds: deceptive marketing, debt traps, dead ends, and discrimination. Is your institution at risk for any of these fair lending violations? Join this informative session to learn the latest lessons from enforcement actions and proposed regulation changes. Learn key strategies to implement and maintain an effective complaint program. Specific examples will be given for each of the four Ds to help you evaluate potential risks and a variety of tools and resources to proactively manage compliance expectations will be provided.
Recorded Thursday, December 1, 2016
Attendance certificate provided to self-report CE credits.
- UDAAP concepts explained in simple terms, with real life examples
- Marketing practices must be reviewed closely
- Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
- The CFPB has issued many UDAAP enforcement actions
- $100 million fine in September 2016 for “widespread unlawful sales practices” because the bank’s employees secretly opened accounts and shifted funds without consumers’ knowledge or permission – which often incurred fees or other charges
- What do employees need to understand about “consumer harm”?
- UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
- Is your complaint program in compliance with the latest regulatory guidance?
- Seven simple steps to avoid enforcement actions and damages to your reputation
- TAKE-AWAY TOOLKIT
- Complaint policy, procedures, and tracking form that can be modified for your use
- UDAAP compliance resources and regulatory guidance, including FTC guidelines and regulatory resources
- UDAAP risk assessment checklist
- Matrix covering four key UDAAP risks in the retail footprint, strategic direction, operational concerns, and regulatory environment
- Checklist for evaluating consumer harm
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is for lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.