The New World of Debt Collection: What Recent CFPB Actions Indicate About the Future of Regulations & Enforcement
Monday, February 6, 2017
10:00 am – 11:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
These are not easy times for collection professionals. Complaints, litigation, and regulatory penalties negatively impact the ability to collect delinquent loans. Everyone understands the consumer protection focus of the CFPB. However, recent rulings are telegraphing the Bureau’s thoughts about debt collection generally and their plans for future regulations and enforcement actions. From collection agencies to banks, finance companies, and credit unions, the CFPB is issuing stern rulings and imposing hefty penalties.
This session will review recent regulatory actions under the Consumer Financial Protection Act and explain how unfair, deceptive, or abusive acts or practices (UDAAP) will continue to impact unprepared financial institutions. It is never a defense to say this is the way we have always done it. The risk of any questionable practices being detected has never been greater, so now is the perfect time to review your collection processes. Do you understand the severity of the collections storm on the horizon? Are you properly prepared to balance full compliance with maintaining an effective collection program?
Continuing Education: Attendance verification for CE credits upon request
- Important CFPB collections actions
- UDAAP dos and don’ts
- Difference between a false threat and a real promise
- Effectively using account restrictions
- Relaying the credit score implications of a collection action
- Conducting a risk-based collections audit
- TAKE-AWAY TOOLKIT
- Regulatory guidance and resources
- Risk-based collections audit matrix
- Key policy implications
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for senior executives, directors, committee members, lending managers and staff, collections managers and staff, compliance personnel, auditors, and anyone involved with compliance and delinquent accounts.
PLEASE NOTE: Webinar content is subject to copyright and intended for your individual financial institution’s use only.