UDAAP and the New Fair Lending Standard
How do fair lending laws and UDAAP intersect?
The relationship between the two may not be apparent at first, but guidance provided to federal examiners indicates that if a violation of fair lending laws is identified, then UDAAP must also be evaluated.
Fair Lending Regulations and regulatory approaches to evaluating potential violations of these laws have been with us for a number of years. We have seen a number of cases of business practices deployed by financial institutions that have resulted in restitution and adverse publicity for those involved. However, what many do not realize, is that as with any consumer protection regulation where Congress has mandated restitution, fines and monetary penalties, regulators have also been charged with evaluating for patterns of Unfair and Deceptive Acts and Practices (UDAAP) when Fair Lending violations are detected. With the addition of the concept of “Abusive” under the mandates of the Dodd Frank Act, approaches to evaluating UDAAP and Fair Lending are fast evolving into a new standard.
Participate in our webcast, as we answer your questions about Fair Lending and UDAAP including:
1. Basic concepts of Fair Lending and UDAAP
2. How to develop major controls to minimize risk for Fair Lending and UDAAP assertions
3. Best practices for implementing Fair Lending and UDAAP programs
Daniel L. Huston, CPA, CFIRS
PARTNER, INTERNAL AUDIT AND REGULATORY COMPLIANCE
Dan has over 30 years’ experience working with financial institutions, holding a variety of operations and lending positions, with a significant focus on compliance with Federal regulation, product development and processing efficiency. Dan Joined Moss Adams in 1999 and directs the Firm’s Internal Audit and Regulatory Compliance services for financial institutions. Dan’s areas of expertise include credit underwriting and lending compliance, anti-money laundering program administration, and trust and fiduciary operations. He has also devoted significant effort to development of risk assessment methodologies related to internal audit and compliance programs, assisting clients in implementation of risk management programs and integrating risk management strategies for smaller financial institutions.
|ACUIA Member Webinar Registration Fee||$ 99.00|
|Non-Member Webinar Registration Fee||$ 119.00|