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Being able to catch a consumer’s eye – and retain their attention – with your institution’s latest offer is difficult enough. Now, add the complex and detailed regulatory requirements related to promoting new offers, bonuses and contests – not to mention the always-present UDAAP risks. As regulators continue to focus closely on the specific offers and overall message provided to consumers, institutions must ensure their advertisements and promotions meet the specific regulatory requirements and also clearly and transparently explain the steps a consumer must take to qualify for the offer.
This webinar is designed to provide marketing, compliance, and audit teams the ability to analyze and assess compliance risks related to their marketing campaigns. By understanding this risk in advance, you will be prepared to ensure your disclosures are upfront, clear, and transparent to consumers.
HIGHLIGHTS
Specific requirements for introductory or promotional rate offers for open-end credit products
Additional Truth in Savings disclosure requirements for bonuses
Analysis of gambling restrictions and the impact on sweepstakes offers
Best practices for institution-run contests (including those with “judging” criteria)
Compliance and legal risks related to UDAAP
Tips on using the “one-click rule” to advertise on websites and in social media
TAKE-AWAY TOOLKIT
Article outlining advertising review tips
List of 10 common compliance mistakes in advertising, with regulatory citations
Checklists for introductory or promotional rate offers (lines of credit, HELOCs, and credit cards)
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Marketing, compliance, and audit teams. Ideally, a cross-section of these teams should review the material together to ensure they are on the same page with planned promotions.
ABOUT THE PRESENTER – Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC, is an attorney where he concentrates his practice in the area of financial regulations. He has intimate knowledge of the operational issues facing financial institutions and the best practices they can follow to reduce compliance, strategic, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.
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