Consumer debt collection remains a major source of complaints, lawsuits, and enforcement actions against financial institutions. There are numerous debt collection laws and regulations – and numerous opportunities for errors. Borrowers, their attorneys, and regulators are closely monitoring collection practices. Therefore, it’s important to understand and implement proper collection procedures to avoid liability. This webinar will explain the most common consumer collection mistakes and how to reduce your institution’s liability risk.
- Common mistakes made by creditors in the collection process and how to correct them
- Collection activities that regulators will be “watching closely”
- Examples of how creditors have gone “too far” in the collection process
- Summary of the Fair Debt Collection Practices Act (noncompliance could lead to UDAAP violations)
- How to reduce liability risk
- TAKE-AWAY TOOLKIT
- CFPB Bulletin Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts
- Employee training log
- NEW – Interactive quiz
WHO SHOULD ATTEND?
This informative session will benefit consumer loan officers, loan operations staff, credit administration staff, collection personnel, compliance officers, attorneys, managers, and others involved in the collection process.
SPEAKER: Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.