Learn how CFPB developments affect auto loan lenders and how to avoid legal pitfalls.
With the recent change of administration, regulators have shifted priorities and noted an increased focus on enforcing fair lending laws. Many banks and credit unions partner with dealers to finance auto loans and do not have insight into fair lending violations that may occur during the application process. The banks and credit unions may also have immature compliance management systems that do not monitor and identify fair lending risks.
This presentation will help lenders who are responsible for compliance with fair lending laws and regulations understand the problems currently facing the indirect auto market and the regulatory enforcement risk present. In addition, the material will present mitigation strategies to ensure appropriate compliance and monitoring systems are in place to prevent fair lending violations. Failing to understand fair lending and its relevance to your organization is a common misstep that could bring about increased regulatory scrutiny or enforcement action.
Vincent Urbancic, CFA
- 20 years of professional experience working with financial institutions to address their most critical issues
- Experience spans risk, compliance, and analytics for products such as mortgage, auto, credit card, student lending, and commercial lending, and has included implementing programs and leading teams of senior managers, managers, and consultants serving both bank and non-bank entities
- Served as the independent consultant for enforcement actions, authoring reports to both the DOJ and CFPB as to the adequacy and effectiveness of remediation activities
- Led dozens of evaluations on fair lending/servicing for a variety of products such as mortgage, auto, credit cards, student, and commercial
Lindsay Furr, CPA
- Professional expertise in the financial services industry, specializing in compliance and oversight functions and accounting advisory services for international and community banks, private equity funds, and mortgage and auto originators and servicers
- Experienced in executing transaction due diligence, performing ongoing monitoring and oversight activities, conducting current and future state assessments, completing enterprise-wide risk assessments, evaluating controls, and implementing and validating remediation activities
- Engagements have included work on consent orders and enforcement actions from the CFPB and OCC
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