The CFPB examination manual’s UDAAP (unfair, deceptive, or abusive acts or practices) section addresses the importance of the consumer complaint process. UDAAP violations can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace. Bottom line – everyone wants to avoid UDAAP issues!
Consumer complaints play a key role in detecting potential UDAAP issues and are an essential information source for regulatory examinations, enforcement, and rule-making. Complaints also have the potential to flag compliance management weaknesses, including training, internal controls, and monitoring. This jam-packed session will review best practices, procedures, and tools to strengthen your UDAAP compliance program!
- UDAAP and consumer complaint policy language
- Examples of unfair, deceptive, or abusive acts or practices and how to avoid them
- Guidelines to govern fee waivers for both deposit and loan products
- Defining and training staff on consumer complaints
- Tracking, responding to, and reporting consumer complaints to the board
- TAKE-AWAY TOOLKIT
- Sample UDAAP policy
- Sample UDAAP risk assessment
- Consumer complaint log
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for compliance officers, branch managers, and internal auditors.
SPEAKER: Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has 17 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Dawn served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Dawn has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, and coordinated internal and external audits and exams.