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Chances are that your bank will continue to market products during the ongoing pandemic crisis. It’s more important than ever to have the appropriate controls in place as employees work remotely. Regulator and examiner attention to a bank’s advertising and marketing efforts is on overdrive. What can be said in advertisements? What do you have to say? Are there “triggering terms” that require additional information?
All advertising is subject to a variety of deposit and lending regulation rules. That’s the easy part. Regulators have also jumped on the “UDAAP” bandwagon to make sure that nothing in the advertising and marketing practices is “unfair, deceptive, or abusive”. The CFPB has issued multi-million-dollar enforcement actions for UDAAP violations, but even banks supervised by the OCC, Federal Reserve and FDIC must pay attention to the “new normal” of consumer protection. The FDIC added a new section to the Compliance Exam manual called “Evaluating Consumer Harm”.
- FDIC signs and advertising rules
- Understanding UDAAP “traps”, what is likely to be considered deceptive, unfair, or abusive? How can you evaluate UDAAP advertising risks?
- Advertising rules under Reg. Z for mortgage loans and open-end plans from the Credit CARD Act; rules for consumer loan products in Regulation Z
- Consumer deposit products in Truth in Savings
- Typical Lobby Disclosure signs
- Fair lending concerns for marketing lending products
- “Equal Housing Lender” and the Fair Housing Act requirements
- Soliciting via the phone and e-mail: Telemarketing Sales Rule (TSR) from the FTC and Do Not Call Registry, and CAN-SPAM; rules for TCPA (Telephone Consumer Protection Act) to protect unwanted texts.
- Promotions – drawings, giveaways, bonus rules.
- Restrictions on advertising non-deposit investment sales
- Handling complaints about advertising and marketing
This recording would be beneficial for those involved in the product development and marketing, including the marketing department, compliance officers, auditors, managers, sales and service staff, call center employees, and anyone who is involved in product sales.