Thursday, July 1, 2021
2:00 – 3:00 pm (Eastern Time)
1:00 – 2:00 pm (Central Time)
12:00 – 1:00 pm (Mountain Time)
11:00 – 12:00 pm (Pacific Time)
On July 7, 2020, the CFPB issued its final Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Small-Dollar Rule), which includes the rescission of mandatory underwriting requirements. Although the CFPB’s original rule became effective in 2018, the compliance dates are currently stayed pursuant to a Court Order pending litigation by industry trade associations. The stay is expected to be lifted as soon as this summer.
Compliance with the Rule’s payment withdrawal restrictions, notice and record-keeping requirements for covered loans will require strong compliance management systems and effective training for organizations impacted by the rule. This webinar provides an overview of the final rule requirements and implementation guidance to ensure your bank or credit union is prepared before the compliance stay is lifted!
This timely event covers:
- CFPB Payday Rule coverage and exclusions
- In-depth review of the payment provisions
- Rule provisions affecting NCUA PALs and Non-PALS loans
- Impact of recent agency guidance for depository institutions
- FAQs related to payment transfers and payment notices
- Operational considerations for processing consumer payments on covered loans
- Implementation strategies for small entities AND MUCH MORE
BONUS: Attendees will receive a printable/downloadable Small-Dollar Rule regulatory compliance checklist!
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits and 1.2 AAP Credits