Compliance Masters Group members will be allowed to attend free of charge. Please DO NOT register if you are a CMG member.
All registrations to Compliance Resource webinars include one live connection AND the recording of the webinar (guaranteed for one year).
Businesses are being forced to close their doors, resulting in hundreds of thousands unemployed and unable to pay their bills. With the unemployment rate expected to jump from 3.5% to as high as 20%, this could have a devastating impact on individuals and communities.
On March 13 the federal bank regulatory agencies released statements encouraging financial institutions to take prudent steps to assist customers and communities affected by the Coronavirus Disease 2019. The agencies recognize that efforts to work with customers and communities affected by COVID-19 can be consistent with safe and sound banking practices and in the public interest. The agencies further clarified that a financial institution's prudent efforts to modify the terms on existing loans for affected customers will not be subject to examiner criticism. (Emphasis added.) The key word here is Prudence.
While we have not faced a crisis of this magnitude in the U.S. in over 100 years, we have worked through hard times as recently as 2008. The regulators had encouraging words at that time about assisting customers in need. But post-crisis many banks paid a price for taking action, that after-the-fact was determined to be imprudent.
There are many actions that financial institutions can take to alleviate some of the financial concerns or hardships of their customers.
- Expedite new loans in the form of:
- Small dollar short term loans;
- Overdraft lines or overdraft plans;
- Home equity lines;
- Cash out mortgage loans;
- Reverse mortgages.
- Provide relief on existing loans through:
- Refinance loans;
- Implement a skip-a-pay program;
- Payment forbearance;
- Waiver of late payments
- Other loss mitigation options.
- Institute a temporary ban on foreclosures, repossessions and evictions.
- This 90 minute program evaluates lending options to assist borrowers and explores the many compliance issues to be considered when launching new options, modifying existing loans, and other actions. While this program primarily focuses on loans, a brief review of actions banks should consider related to deposit accounts.
- Risk Management
- Involve risk management and legal counsel in product planning
- Expediting New Lending;
- Small Dollar, Short Term Loan Products
- Cash Out Mortgages
- Modifying Existing Loans;
- Refinancing - Rates have never been better
- Skip a Pay
- Compliance Concerns
- Requests for Information
- Force-Placed Insurance
- Early Intervention
- Continuity of Contact
- Loss Mitigation
- Fair Lending
- Equal Treatment in workouts
- Equal Treatment in workouts
- Protecting Tenants at Foreclosure Act
- Servicing Issues;
- Workouts and Loss Mitigations Options
- Collection Concerns
- Legal Issues
- State Law issues
- Other concerns
- Managing delays such as:
- Appraisers not available.
- Title companies/attorneys not available to conduct closings.
- Third party document preparation companies not able to produce documents in the timeframe required by TRID;
- Clerks not available to file legal documents - security agreements, mortgages and deeds of trust, and
- Insurance agents not available.
This informative session is designed for loan department management, lenders, compliance officers, auditors, risk managers and anyone else involved in originating, servicing, and collecting loans.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 44 years. In 39 years as a trainer over 147,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Robin Cooper, CRCM is the Director of Compliance for Compliance Resource, LLC, a source of compliance assistance for financial institutions. Robin’s career in banking began in 2004. Since that time she has worked for community and regional financial institutions ranging from $100 million to $1 billion in asset size regulated by the Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (FRB). Robin has worked in numerous compliance and banking roles, including Compliance Auditor, Internal Auditor, BSA Officer, and Compliance Officer. In 2010 Robin established and led the, now longstanding, Central Kentucky compliance roundtable for compliance officers in central and southern Kentucky to convene and discuss emerging compliance issues. Robin has a bachelor’s degree in Government from Centre College, attended the American Bankers Association National Compliance School, and is a Certified Regulatory Compliance Manager.
*This program will start at 11:00 AM EDT, 10:00 AM CDT, 9:00 AM MDT, or 8:00 AM PDT
This webinar will be recorded and sent to all registrants. You will receive links to the recording following the program. These recordings have unlimited viewings and are available for up to one year.