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.
Learning Objectives:
- You will be able to define e-lending, trends in fintech and how these trends will impact the banking and financial service industry.
- You will be able to describe how e-lending is different and the considerations for how e-loans are underwritten are new and different than traditional underwriting.
- You will be able to explain that e-lending does not change the financial institutions regulation burden.
- You will be able to identify potential compliance issues associated with e-lending.
This Live Webinar Covers These Hot Issues:
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
- 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
- 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
- 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
- Testing/Using Scoring Systems
- Reviewing Adverse Actions and Pricing
- BSA and CIP Issues
- Other Considerations (UDAAP, Pricing)
- 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
Credit Information (Sponsored by Lorman Education Services)
- CLE
- CPE
- NASBA
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
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
- Specialist in compliance in consumer and real estate lending
- 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)
- He has a certificate from the Pacific Coast Banking School of Bank Management
- Certified regulatory compliance management and certified anti-money laundering specialist
- J.D. degree, University of San Francisco; B.A. degree, Dartmouth College
(Not available outside the US)