Marketing & Advertising Compliance – The First UDAAP Hotspot
If you read the first CFPB enforcement action carefully, it's clear what is being targeted: sales and marketing practices. Now more importantly than ever is the time to learn from others' mistakes, even if you're not subject to the Bureau's oversight.
With everything going on in the financial services industry, more than ever it is important that your advertising and marketing efforts are effective. Regulator and examiner attention to your advertising and marketing efforts is at an all-time high. Advertising is being looked at in a different way than ever before.
There are new standards to observe, especially when it comes to UDAAP (Unfair, Deceptive, or Abusive Acts or Practices). This is a seismic shift in regulatory enforcement, where practices that were perfectly acceptable in years past are deemed to be problematic now. In the rush to attract new business and keep the clients you have, compliance requirements can be easily be missed or ignored. Is your marketing department communicating with your compliance staff?
What can you say in advertisements? What do you have to say? What can you not say? There are many different sets of rules that govern these questions, and more are on the way. How about your promotional efforts – contacting prospects and customers to let them know what you have available? As the compliance environment changes and becomes more complex, you have to stay on top of all the rules and regulations. This session can help.
- What impact does the CFPB have on advertising and marketing, even if you’re not a big bank?
- New Regulatory Focus: Increased attention to unfair, deceptive, and abusive acts and practices (UDAAP), plus what may be considered abusive? How can you stay clear of trouble? Don’t miss the forest for the trees
- Advertising rules under Reg. Z for both mortgage loans and open-end plans from the Credit CARD Act
- UDAP standards from the FTC on mortgage loans
- Consumer deposit products in Truth in Savings
- Rules for consumer loan products in Regulation Z
- Fair lending when marketing lending products
- “Equal Housing Lender” statement and the logo – when must these be used?
- Advertising over the Internet and social media – different standards?
- Soliciting via the phone and e-mail: the Telemarketing Sales Rule (TSR), including caller ID requirements, Junk Fax, and CAN-SPAM
- Privacy implications – sharing information under Privacy regulations and FCRA
- Testimonials – FTC standards
- Promotions – drawings, giveaways, bonuses, etc.
- Tax implications, and what not to say when talking about tax breaks
- And more
Plus, frequent question and answer sessions throughout this presentation.
This session would be useful to anyone involved in the development and marketing of your institution’s products and services, including the marketing department, compliance officers, auditors, business managers, sales and service staff, and anyone else whose duties involve promotion.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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