Event Calendar

Tuesday, June 14, 2022

Webinar - New UDAAP Exam Parameters: Beyond Fair Lending

Start Date: 6/14/2022 1:00 PM MDT
End Date: 6/14/2022 2:00 PM MDT

Location:
United States 

Recently the CFPB broadened the spectrum of what may qualify as a UDAAP violation and updated their examination manual accordingly.  The changes focus on identifying discrimination in all consumer finance markets, including deposits, payments, remittances, and collections.  It’s critical that financial institutions understand, and are monitoring for, practices that may trigger unfair discrimination throughout the organization, including the assessment of fees and level of service provided to accountholders.  In short, the exam manual and UDAAP compliance now go way beyond fair lending!
 
Denying any product or service, such as refusing to open a checking account based on a person’s religion or race, is an unfair practice, even when the Equal Credit Opportunity Act has not been violated.  For example, it’s likely that your institution uses demographics to aid in marketing products and services.  But these models and algorithms may inadvertently include a discriminatory practice, even when used for deposit-related activities.  Join this timely webinar to learn how to recognize potential UDAAP risks in all areas of your institution.



 

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