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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 others 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 two-hour recording is designed to make you aware of recent enforcement actions, the actions required in response to the action and the penalties or costs imposed with the hope that armed with such 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 (makes regular cases on the list);
- Fair Lending and ADA violations (From discriminatory practices of banks to violations by borrowers and how it could impact your loans and collateral.)
- RESPA Section 8 (It’s easy to get sucked into arrangements that might seem innocent… Beware.)
- Fair Credit Reporting Act (Accuracy of information reported should be a priority.)
- 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.);
- Redlining cases (These cases have risen rapidly in recent years. What is the current status?);
- UDAP issues related to interest-rate-lock process (UDAP seems to sneak in everywhere.);
- UDAP issues related to forced-placed insurance (Here it is again); and
- The list will continue to grow between now and the program date.
The recording 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.