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UDAAP & Consumer Protection: Heightened Scrutiny Under a New Administration

Jun 14 2:00 PM - Jun 14, 2021 3:30 PM
Jun 14, 2021 2:00 PM - 3:30 PM
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U-turn? You bet! UDAAP and consumer protection are back in full effect. The CFPB’s ability to use their full supervisory enforcement authority has been reinstated – a dramatic regulatory shift from one administration to the next. Are you prepared for the renewed focus on consumer protection?

Learning Objectives

  • Recognize areas of increasing compliance risk
  • Appreciate the renewed compliance focus
  • Avoid UDAAP infractions by using recent guidance
  • Comply with CFPB’s clarification that discrimination based on gender identification and sexual orientation is prohibited under ECOA
  • Prepare for the compliance management system examination

The CFPB is making a regulatory U-turn. A Trump-era policy restricting the ability to utilize UDAAP was recently rescinded. Under the Biden administration, the CFPB can again use their full supervisory enforcement authority to address unlawful or abusive acts or practices. The CFPB also issued an interpretive rule clarifying that discrimination based on gender identity or sexual orientation is prohibited under the Equal Credit Opportunity Act and Reg B.

Regulators have indicated they will step up consumer protection efforts due to lapses found during examinations. Unfortunately, increased regulatory scrutiny usually increases litigation risk. These events should sharply focus every financial institution on having a robust compliance management system to abide by all laws, rules, and regulations, and also understand and appreciate the changing regulatory climate. Join veteran compliance attorney David Reed as he cuts through the regulatory speak and highlights the current consumer protection landscape outlining essential steps institutions should take to protect themselves.

Agenda

Speakers

David A. Reed, JD, Reed & Jolly, PLLC

Attorney, author, consultant, and nationally recognized speaker, David Reed is a partner in the law firm of Reed & Jolly, PLLC. 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 regional financial institution, David is also a Certified Fraud Examiner. He 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. 

Location

Fees

$259.00 

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Fraud, Security & Technology
  • Compliance