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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.
HIGHLIGHTS
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
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Lenders, compliance officers, risk managers, senior management, branch managers, customer service managers, loan and deposit operation managers, marketing staff, and product development specialists.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.
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