With highly public regulatory actions and fines continuing to mount for financial institutions related to Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) the need for vigilance with this highly interpretational regulation remains critical. The act provides regulators with ample capacity to evaluate products and services for potential harm to consumers both directly and indirectly. Moreover, negative impact from reputation risk factors resulting from the typical headlines from such actions can be even more damaging than the hefty fines. Combine that with the challenge presented by the highly interpretational language of UDAAP and you have the perfect storm for regulatory compliance.
The only way to truly understand and prepare for UDAAP is to understand the basic concepts of the regulation and how those concepts have been interpreted against institutions by examining recent enforcement cases and official commentary. This webinar will begin by discussing how the concept of Unfair, Deceptive or Abusive Acts and Practices has evolved and the exact legal responsibilities. We will then begin dissecting a number of recent enforcement cases and provide important insights into the UDAAP trends. We will explore key areas of interest and interpretation. This webinar presents how enterprise risk management principles may be the most important defense in UDAAP compliance.
Please join Coppelia Padgett as she details UDAAP compliance with a particular emphasis on what the regulators are focusing on and the lessons that you can learn based on the failures at other institutions.
WHAT YOU'LL LEARN
This webinar will provide guidance including:
- What makes an act or practice unfair, deceptive or abusive
- How the addition of the new A (Abusive) changed everything
- Trends in UDAAPâ€”Case studies of recent enforcement actions
- Credit products/add ons
- Mortgage servicing
- Debt collection
- Marketing & affiliates
- Trends in UDAAPâ€”CFPB pronouncements and signals for the future
- Lessons learned & tips to reduce your risks
- Using enterprise risk management tools for UDAAP compliance
- AND MUCH MORE!
YOUR CONFERENCE LEADER
Your conference leader for â€œUDAAP: Navigating the Perfect Storm for Regulatory Complianceâ€ is Coppelia Padgett. Ms. Padgett brings 25 years of financial institution experience covering numerous facets of financial institution operations. Ms. Padgett is senior analyst at Regulatory Compliance & Analytics (RCA) and began her career as a compliance specialist for the FDIC working out of Los Angeles. She left the FDIC to found the Triac Company in 1992. This consulting firm grew to serve the compliance needs of hundreds of financial institutions in the Los Angeles metropolitan area and around the United States. She graduated magna cum laude from the University of Tulsa with a degree in economics. Currently, Ms. Padgett provides independent consulting, data analytics and training services to institutions and other organizations.
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CERTIFICATES OF PARTICIPATION
BankersWEB certificates of participation are available to everyone completing this webinar.