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 Tuesday, March 22, 2016
Continuing Education: Attendance verification for CE credits upon request
- UDAAP concepts explained in simple terms, with real life examples
- Marketing practices must be reviewed closely
- Loans with pay day features will be difficult to defend as not being a debt trap or dead end
- Fair lending in underwriting, pricing, and collections will be held to new discrimination standards
- The CFPB has issued many UDAAP enforcement actions and have provided over
- $10.1 billion in relief to consumers with $2.6 billion in restitution to consumers
- $7.5 billion in principal reductions, cancelled debt and other consumer relief
- While credit unions have not been the primary target, there are still potential UDAAP risks because of regulators’ increased focus on complaints and consumer harm
- What documentation is needed to prove compliance?
- UDAAP issues center on internal controls, compensation, telemarketing, third-party arrangements, and consumer complaints
- Is your complaint program in compliance with the latest NCUA 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 NCUA 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
- Regulatory resources
- 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, member service managers, loan and deposit operation managers, marketing staff, and product development specialists.
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