If you read the first CFPB enforcement action carefully, it's clear what is being targeted: sales and marketing practices. Now is a great time to learn from others' mistakes, even if you're not a big bank subject to the Bureau's oversight.
With everything happening in the financial services industry, now more than ever it's important that your advertising and marketing efforts are effective. Moreover, regulator and examiner attention to your advertising and marketing efforts is at an all-time high. Advertising is being looked at in different ways than before.
There are standards to observe, especially when it comes to UDAAP (Unfair, Deceptive, or Abusive Acts or Practices). This is a seismic shift in regulatory enforcement, where practices that were perfectly acceptable in years past are now problematic. In the rush to attract new business and keep the clients you have, compliance requirements can easily be missed or ignored.
What can you say in advertisements? What must you say? What can you not say? Many sets of rules govern these questions, and more are on the way. How about your promotional efforts - contacting prospects and customers to let them know what you have available?
As the compliance environment becomes more complex, your marketing department must stay on top of all the rules and regulations. This session can help.
Who Should Attend?
Anyone involved in developing and marketing your institution's products and services, including the marketing department, compliance officers, auditors, business managers, sales and service staff, and anyone else whose duties involve promotion.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.