In this podcast episode, Len and Dean discuss the challenges compliance officers face in keeping up with regulatory changes and guidance. They mention various regulations and topics that have been covered in previous episodes, such as CRA, Fair Lending, Redlining, BSA, AI, and more. They emphasize the importance of staying informed about regulatory changes and offer some techniques for compliance professionals to do so, including creating a regulatory calendar, attending conferences, reviewing internal processes, using compliance software, and building a team.
Dean then provides a specific example of recent guidance from the CFPB in June 2023 regarding the use of AI and chatbots by financial institutions. Although the CFPB hasn't released new regulations, they discuss the risks associated with chatbot usage from a UDAAP (Unfair, Deceptive, or Abusive Acts or Practices) perspective. Dean advises compliance officers to gain a comprehensive understanding of their institution's use of chatbots, identify and discuss risks associated with them, ensure adequate testing is performed, provide updated training on compliance risks, and consider updating the complaint intake form to include chatbot interactions.
Brought to you by GeoDataVision and M&M Consulting
Section 1071
Fair Lending Examiner Exceptions
Community Development under CRA
Fair Lending Appraisal Bias
Impending Changes to CRA & imminent publication of Dodd-Frank Section 1071 Rule
BSA Basics
REMA’s: Their Use and Abuse by Regulators in the war against redlining
2023 Regulatory Hot Topics
Pending CRA Proposed Rule
While Fair Lending remains a hot topic, do not forget about the technical provisions of ECOA and FHA.
The coming Climate Risk Regulations
Overdraft programs and Junk fees, what you need to know
Maxine Waters CRA Surprise: HR 8833
Compliance Management Systems in 2022
How is the CRA Rule being enforced in the field?
Fair Lending remains are of interest for regulators
The new 2022 Census Tracts and their Impact on Banks.
UDAAP and CFPB Application of Unfairness`
Flood Violations Continue to Surge
Urgent 🔥🔥The 2022 CRA NPR description🔥🔥
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
HCI Leadership Revolution
Human Capital Leadership
The Power of Music Thinking
BusinessWISE
Business Wars