Learn about the different types of conduct that may be scrutinized as predatory, and how to mitigate such risk.
Financial services companies face an ever-increasing regulatory, enforcement, and litigation environment, and claims for predatory lending are at the center of this risk. While perhaps poorly defined, predatory lending is any practice where the borrower is taken advantage of by the lender. This program will discuss the latest laws and regulations pertaining to predatory lending, including an overview of commonly challenged practices, usury laws, state and federal UDAAP statutes, and unique issues related to the origination of residential mortgage loans. Upon completing the course, you will be able to analyze different types of conduct that may be scrutinized as predatory, and how to mitigate such risk.
Learning Objectives
- You will be able to describe the frequent types of financial conduct that regulators deem predatory.
- You will be able to discuss the related laws and strategies targeting predatory lending facing creditors and lenders.
- You will be able to identify potential claims that financial institutions may face based on practices scrutinized by regulators.
- You will be able to recognize unique scrutiny on mortgage lenders based on reasonableness to pay and anti-steering laws.
Agenda
Overview of Predatory Lending
- Common Definitions
- Companies Under Heightened Scrutiny
Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
- Overview of UDAAP and Applicable Standards
- CFPB and Consumer Financial Protection Act
- Survey of Violations Identified by the CFPB and State Attorney General
Usury Law
- Civil V. Criminal
- Varies From State to State
- Usury Limitations
Residential Mortgages
- Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act)
- Mortgage Reform and Anti-Predatory Lending Act
- Reasonable Ability to Repay and Anti-Steering
- Safe Harbor for Qualified Mortgages
- Appraisal Inflation
Qualification
Credits
AK CLE 1.0
Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
AL CLE 1.1
This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
AR CLE 1.0
This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
Arizona CLE 1.0
The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
CA MCLE 1.0
The host is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
CT CLE 1.0
Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
HI CLE 1.0
This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 VCLE credit hours.
IL CLE 1.0
This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
IN CLE 1.1 (Pending)
This program has been submitted to the Indiana Commission for Continuing Legal Education for Distance Education for participating attorneys. Application Pending.
MN CLE 1.0 (Pending)
This program has been submitted to the Minnesota Board of Continuing Legal Education. Approval pending.
MO CLE 1.3
This program has been approved by the Missouri Bar for 1.3 hours of CLE.
NC CLE 1.0 (Pending)
ND CLE 1.0 (Pending)
This program has been submitted to the North Dakota Commission for Continuing Legal Education. Application pending.
NH MCLE 1.0
NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. The host believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
NJ CLE 1.3
This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
NM CLE 1.0
This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
NV CLE 1.0
This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
NY CLE 1.0 including Areas of Professional Practice 1
This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. The host has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
OH CLE 1.25 (Pending)
This course has been submitted to the Supreme Court of Ohio Commission on Continuing Legal Education for 1.25 CLE hours. Approval pending.
PA CLE 1.0
This program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
RI CLE 1.0
This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
VA CLE 1.0 (Pending)
This program has been submitted to the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
VT CLE 1.0
This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hours of CLE credit.
WI CLE 1.0
This program has been approved by the Board of Bar Examiners for 1.0 hours for use toward the Wisconsin Mandatory CLE requirement.
WV MCLE 1.3
This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
National Registry of CPE SponsorsCPE 1.2
The host is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: . Prerequisite: basic knowledge of the banking industry. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
Speakers
Eric M. Hurwitz,
Stradley Ronon Stevens & Young, LLP- Partner in the office of Stradley, Ronon, Stevens & Young, LLP
- Co-chair of the firm’s financial services litigation practice group
- Practice focused on defending financial institutions from claims arising out of nearly every type of consumer and commercial financial product
- Defends both single plaintiff and class action lawsuits against banks, mortgage lenders and servicers, student lenders, credit card companies, auto finance companies, debt collection companies and other financial services institutions
- Conducts regular seminars and workshops on numerous consumer finance topics.
- Author of publications concerning the mortgage industry, including servicing regulations promulgated by the Consumer Financial Protection Bureau and standing challenges to foreclosures
- New Jersey Law Journal, 40 under 40, comprised of the top 40 young professionals in the New Jersey legal community; South Jersey Biz, Best Attorneys in Business for litigation
- B.A. degree, University of Texas at Austin; J.D. degree, Boston University School of Law
- Can be contacted at ehurwitz@stradley.com or 856-321-2406
Who Should Attend
This live webinar is designed for presidents, vice presidents, branch managers, loan officers, compliance officers, loan department personnel, accountants, controllers, CFOs, credit and collection managers, and attorneys.
