Marketing Mortgages: UDAAP and the Consumer Perspective
Recorded November 5, 2014
The yardstick for measuring what’s okay to say when courting mortgage customers has changed with the Dodd-Frank Act and the ascendancy of the Consumer Financial Protection Bureau. Now the crucial test is how the consumer interprets your advertising and other marketing materials. To get a handle on the customer viewpoint, the CFPB is looking in part to complaints, including those housed in its consumer complaint database, to help it find investigation targets.
In addition, the CFPB has expanded the realm of non-allowed trade practices (formerly unfair or deceptive acts and practices) to include a new category, abusive, which it has not defined, instead keeping the concept vague, broad and flexible. The bureau has released examples of abusive acts and practices for some consumer finance fields, but has included a disclaimer that the examples do not include all the ways financial services companies can run afoul of the rules.
The new perspective and the expanded domain mean that material that was all right in the pre-Dodd-Frank era may now raise red flags. To stay out of the CFPB’s crosshairs, you’ll need to review all of your existing materials and establish new review systems for traditional media, in-person communications and any new resources you’re using, including social media.
Listen to or watch “Marketing Mortgages: UDAAP and the Consumer Perspective” to learn more about the CFPB’s oversight of customer communication. Our experts also offer guidance on how you should be reviewing your advertising and marketing to stay in the clear.
Our panel includes:
Steven Kaplan, Financial Services Practice Area Leader, K&L Gates
Andrea Mitchell, Partner, BuckleySandler
Mercedes Tunstall, Partner, Pillsbury Winthrop Shaw Pittman
Among the topics covered during the 90-minute webinar:
Whose mortgage marketing is the CFPB watching?
How do the rules differ for in-person communication, online and social media, telemarketing, and print?
How should customer complaints factor into your planning?
What are your obligations with regard to vendors who provide marketing services for your company?
Is there any relief if you didn’t intend to mislead?
Will state actions follow CFPB actions?
What statements do you have to include in your marketing?
Learn how to make your marketing draw customers without drawing examiners.
The webinar manual, included with all registration options, provides a program outline, speaker bios and presentations, and pertinent articles on the subject from Inside Mortgage Finance and our other newsletters.
The recording, which contains both an integrated audio/video copy of the conference as well as an audio-only version, is available approximately 24 hours after the conference and can be downloaded from your InsideMortgageFinance.com account after that time. You will receive an email notifying you when the recording is available for download.