A Year of Klaros' 1st Friday Risk and Compliance Roundtables
BY STEPHANIE WHITE-BOOKER & CATHERINE BROWN
Last Spring, Klaros hosted a risk and compliance roundtable to collectively analyze the latest developments at the CFPB with our network of clients and colleagues. After receiving a lot of positive feedback and encouragement, we decided to host these regularly and the series, now known as Klaros’ 1st Friday Risk and Compliance Roundtables, was born.
We have hosted seven 1st Friday roundtables to date, all featuring prominent guest speakers covering the latest developments in risk and compliance. Here’s a look back at what we’ve covered so far:
Discussed CFPB’s renewed focus on repeat offenders, the use of dormant supervisory authority, and the potential risks surrounding the use of AI and machine learning in consumer finance.
Discussed CFPB’s continued focus on ‘Black Box’ technologies and fee policies in consumer finance, Bank of America’s garnishment consent order, and the UDAAP Exam Manual revision, including the implications of the expanded use of the disparate impact-like standard.
December 2, 2022
Featuring Scott Pearson (Partner), Bryan Schneider (Partner), and Mehul Madia (Counsel), Manatt
Discussed CFPB enforcement actions against ACE Cash Express, Hyundai, Trident Mortgage, and US Bank. Also covered the Chamber of Commerce’s white paper on CFPB’s UDAAP authority, GOP HFSC members letter to CFPB Director Rohit Chopra, implications of the Overdraft Protection Act, and the ongoing focus on BNPL, debt collection, servicemember rights.
Discussed the CFPB’s interpretive rule on digital marketing providers, digit enforcement action regarding UDAAP and overdraft violations, data security practices, and overall digital marketing guidance.
Discussed midterm election results and the potential impact on regulatory agencies.
December 2, 2022
Featuring Chris Napier (Partner) and Shelby Schwartz (Senior Associate), Mitchell Sandler
Discussed fraud risk management and regulatory expectations from the CFPB and OCC.
Discussed fair lending hot topics including the regulatory focus on the use of artificial intelligence (AI) in underwriting, third party relationships, and special purpose credit programs.
We’re always looking for new topics to tackle and problems to solve. If you have any ideas or want to join us for a spirited debate at our next Klaros’ 1st Friday Risk and Compliance Roundtable, let us know at email@example.com.