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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?
HIGHLIGHTS
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
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Senior executives, directors, committee members, lending managers and staff, collections managers and staff, compliance personnel, auditors, and anyone involved with compliance and delinquent accounts.
ABOUT THE PRESENTER – David A. Reed, JD, Reed & Jolly, PLLC, attorney, author, consultant, and nationally-recognized speaker, is a partner in the law firm. He provides guidance to financial institutions on establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters, and corporate governance. His engaging speaking style has made him a nationwide lecturer on regulatory compliance, consumer lending, bankruptcy, and collections. A former trial attorney and vice president and general counsel of a large credit union, David is particularly known as an expert in the areas of operations, bankruptcy, and collections. He has trained state and federal examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third-party contract management, and bankruptcy. He also serves as editor of several industry manuals.
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