November 15, 2023
Member Fee (Live or Recording): $165 per connection
Non-Member Fee (Live or Recording): $265 per connection
Every month the federal financial institution regulatory agencies publish lists of enforcement actions taken against financial institutions. Enforcement actions can include civil monetary penalties, consent decrees and cease and desist orders, to name a few.
Every enforcement action tells a story of a failure to comply and the actions required to remedy the situation. Every enforcement action is a lesson to be learned by other financial institutions. The actions required to cure the problems in one institutions are the actions required in other institutions to avoid the same problem.
Rarely are the identified problems unique. The stories are repeated month in and month out. Don't be the next institution to fall into the same trap. Become aware of the problem and then look around to determine if the same problem exists in your institution. If the problem is present, self-detection and prompt corrective action generally results in less severe penalties. If the problem does not exist, take a few simple steps (policies, procedures and training) to assure the problem doesn't occur in your institution.
This webinar is designed to make attendees aware of recent enforcement actions, the actions required in response to the action and the penalties or costs imposed. It is the hope and intent of Compliance Resource that armed with this knowledge attendees can avoid similar problems.
Recent enforcement actions include, but are not limited to:
- Flood penalties (Multiple cases every month.)
- Truth in Lending reimbursement (A regular on the list.)
- Equal Credit Opportunity Act
- Fair Housing Act
- Redlining cases (These cases have risen rapidly in recent years. What is the current status?)
- Collection practices in violation of the Fair Debt Collection Practices Act (FDCPA) and the UDAAP (Just when you thought you were safe. FDCPA does not apply to a financial institution collecting its own debt, but UDAAP does apply to an institution collecting its own debt.)
- Loans to insiders in violation of the provisions of Regulation O (Basic procedures help eliminate most Regulation O violations, but never underestimate the deceptive nature of certain insiders.)
- Fair Credit Reporting Act
- UDAAP/UDAP issues related to interest-rate-lock process, forced-placed insurance, deceptive advertising, and more
- The list will continue to grow between now and the program date
The program is designed for Loan Department management, Compliance Officers, Loan Officers, Loan Processors, Auditors, and others with responsibilities related to the origination and servicing of loans.
Kimberly Boatwright has more than a two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.