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.
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Why Lorman?
Over 37 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
Indirect Auto Lending
- Definition
- Difference Between Direct and Indirect Auto Lending
- Types of Indirect Auto Lending Organizations and Their Partners
Fair Lending Overview
- Equal Credit Opportunity Act (ECOA) and Regulation B
- Overt Evidence of Discrimination, Disparate Treatment, and Disparate Impact
Fair Lending Risks in Indirect Auto Lending
- Marketing and Advertising
- Application Acceptance and Referral
- Underwriting and Pricing (e.g., Dealer Mark-Ups)
Current Regulatory Environment and Past Enforcement
- Crackdown on Fair Lending by the DOJ, CFPB, and Other Agencies
- Example Violations and Enforcement Actions
Mitigating Strategies
- Methods to Establish Strong Fair Lending Policies, Procedures, Processes, and Controls
- Fair Lending Training and Monitoring Program
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Why Lorman?
Over 37 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
This course was last revised on December 16, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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
Lindsay Furr, CPA
BRG
- 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
Vincent Urbancic, CFA
BRG
- 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
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Why Lorman?
Over 37 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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