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OnDemand Course

Regulating e-Lending Compliance Issues

Gain a better understanding of the regulations that must be considered as part of an e-lending program and how best to ensure a compliant program.

Currently, there are a growing number of financial/technical companies (fintech) that have been developed as lending platforms. The goal of fintech companies is to disrupt the current financial system. In particular, these lending platforms change many of the traditional roles in loan underwriting including in person visits, significant documentation and the time is takes to process an application. However, despite the changes being driven by fintech companies, the regulations and rules that apply to lending have not significantly changed. For an institution that is considering a partnership with a fintech company, there are regulations to consider. This information addresses the regulations that must be considered as part of an e-lending program and how best to ensure a compliant program.

Runtime: 86 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

E-Lending Is the Future for Consumer Lending (and a Big Swath of Commercial Lending)

  • There Is a Huge Pool of Underbanked and Unbanked Persons in the U.S.
  • Underbanked and Unbanked Are Turning to Fintech to Meet Their Banking Needs
  • Today's Customer Wants Speed in the Decision and Delivery of $$
  • The Types of Credits Being Sought Are Different

E-Lending Is Delivered Differently From Traditional Lending - but the Same Rules Apply

  • The Three "C's" of Credit (Capital, Character and Capacity) Are Getting a New Look
  • Using the E-Lending Platform Doesn't Allow for the Same Level of Knowledge of the Customer to Meet the Customer, This Can Be Both Good and Bad
  • Despite the New Look, Regulation B, Fair Lending and UDAAP Will Still Apply

Lending Compliance - a Brief History

  • Compliance Regulations Are Designed to Address Past Specific Problems
  • The Point of the Regulations Is to Make Sure That Financial Institutions Are Fair in Their Credit Decisions
  • Regulations Require Accountability

Vendor Management and E-Lending

  • Developing a Relationship With an E-Lender Is the Most Efficient Way to Add the Product
  • Vendor Management Rules Apply
  • The Lender Is Responsible for the Actions of the Vendor
  • Testing the Results

Fair Lending, ECOA and Various Issues

  • Testing/Using Scoring Systems
  • Reviewing Adverse Actions and Pricing
  • BSA and CIP Issues
  • Other Considerations (UDAAP, Pricing)

Summary

  • E-Lending Is the Future
  • E-Lending Is Delivered Differently, but the Rules Are the Same
  • Lending Compliance Rules Serve a Purpose
  • Vendor Management Is Key
  • Dealing With Specific Issues
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on February 26, 2019.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James DeFrantz, CRCM, CAMS, J.D.

James DeFrantz, CRCM, CAMS, J.D.

Virtual Compliance Management

  • 30 years of experience in financial service regulatory compliance
  • Worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms
  • Specialist in compliance in consumer and real estate lending, BSA, CRA, Fair Lending, consumer operations, non-deposit investment products, Note Department operations, and assessment of ALL and credit approval process
  • Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco, as an analytical manager at the Office of Thrift Supervision, and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
  • Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist
  • J.D. degree, concentration in banking and finance, University of San Francisco; B.A. degree, Dartmouth College; certificate from the Pacific Coast Banking School of Bank Management
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401779
Published 2019
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