Representatives from the Federal Reserve Banks of Kansas City and San Francisco discussed aspects of consumer complaint practices for banks on August 29. The webinar addressed how regulators use consumer complaints to gauge the adequacy of banks’ compliance risk management programs and to indicate potential areas for future regulatory attention. The speakers discussed how certain topics of consumer complaints carry additional pertinence than others, focusing on UDAP, allegations of lending discrimination, violations of federal consumer protection laws, bank errors, and Community Reinvestment Act complaints.
While the presentation was aimed at banks under Federal Reserve supervision, aspects of bank supervision are driven by the federal Uniform Interagency Consumer Compliance Rating System, in which the Bureau of Consumer Financial Protection is a partner. Interagency guidance relating to complaint management responsiveness, thorough complaint investigation, and effective issue resolution remains useful to all consumer finance companies seeking to create a consumer complaint process that helps identify and resolve problem areas early.
Representatives from the Federal Reserve Banks of Kansas City and San Francisco discussed aspects of consumer complaint practices for banks on August 29. The webinar addressed how regulators use consumer complaints to gauge the adequacy… Read the rest
It’s the most wonderful time of the year…back to school!
From New York to California and Oregon to South Carolina, hundreds of instructors have recently registered to access MoneySKILL as part of the 2018-19 school year.… Read the rest
“The American Financial Services Association (AFSA) supports the Senate Banking Committee’s approval of the nomination of Kathy Kraninger as the next Director of the Bureau of Consumer Financial Protection (BCFP) and is … Read the rest
The American Financial Services Association (AFSA) is launching a new communications channel for AFSA members and potential members. In early September, AFSA will air it’s first-ever podcast focusing on a discussion of issues relevant… Read the rest
AFSA will host a webinar on September 7 about the recently-passed California Consumer Privacy Act of 2018 (AB 375/Chapter 55) and the new requirements for financial institutions doing business in the state. Although the requirements will… Read the rest
In today’s environment, it’s critical that lenders examine their strategies because:
· Uninsured rates on prime portfolios are now 15% to 20%
· One in eight motorists, or 13%, are uninsured; Florida… Read the rest
Average used vehicle wholesale prices registered a slight increase in July after four months of year-over-year declines, according to Tom Kontos, Chief Economist for KAR Auction Services.
“However, this was primarily due, once … Read the rest
Join AFSA on Friday, Sept. 7 at 11 a.m. ET as Rick Fischer, Senior Partner, Morrison Foerster, and Meghan Musselman, Partner, Hudson Cook, take a look at California’s new data privacy law. Following the example Europe set with General… Read the rest
Today’s “Millennial Effect” is influencing how people of all ages think about vehicle ownership. This generational phenomena is on course to alter the automotive and auto finance industry going forward. According … Read the rest
Join us next TODAY at 2p.m. ET as LenderLive presents Situational Awareness and the Regulatory Landscape.
This program will take a look at the latest regulatory updates facing the auto finance industry and explore recent case law developments… Read the rest
