Averting UDAAP Pitfalls: Recognizing and Addressing Threat in Internet marketing and Promotion

Enforcement actions for UDAAP violations are very likely to enhance, and UDAAP chance must be on the minds of each and every bank’s marketing manager. Supervisory highlights from the CFPB involve references to misleading adverts of reward features on deposit accounts, misleading illustration about the ability to use for a loan on the internet, and phony representations that no credit verify will be carried out on bank loan candidates. When examiners evaluate the bank’s UDAAP chance as component of compliance exams, you will will need to describe to examiners, with supporting documentation, how UDAAP risk has been mitigated.  Now is the time to evaluation the bank’s promoting and advertising programs, which includes insurance policies and strategies, with an eye to likely UDAAP pitfalls.

At the end of the session, members will be ready to:

• Understand the UDAAP things to consider similar to the target viewers, qualifying conditions, guidance for claims, testimonials, language, and disclosures
• Successfully follow by on implementation of the internet marketing prepare with manufacturing and operations
• Deal with the possibility of applying 3rd-celebration company vendors in the marketing and advertising procedure
• Take care of marketing’s affect on the compliance administration technique and on test management

Credits:

1.25 CERP, 1.25 CRCM, 1.25 CFMP

1.20 CPE credits for CPAs (Discipline of Study: Reg. Ethics)

American Bankers Association is registered with the National Affiliation of Point out Boards of Accountancy (NASBA) as a sponsor of continuing experienced education and learning on the Countrywide Registry of CPE Sponsors. Condition boards of accountancy have final authority on the acceptance of particular person programs for CPE credit. Issues with regards to registered sponsors may possibly be submitted to the Countrywide Registry of CPE Sponsors by its web-site: www.nasbaregistry.org.