Transcription of Advertising: Avoiding Fair Lending and UDAAP …
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Advertising: Avoiding Fair Lending and UDAAP …
advertising : Avoiding FairLending and UDAAP PitfallsMichelle AndersonSenior ManagerErnst & GargAssociateMayer AndersonSenior ManagerErnst & GargAssociateMayer Advertisements are at the intersection of a number ofregulator concerns, including fair Lending and theprohibition on unfair, deceptive, or abusive acts orpractices ( UDAAP ). As compliance professionals, you are at the vortex of themillion dollar question: is it possible to create acompliant, yet effective, advertisement? Recent enforcement actions demonstrate that institutionscannot rely on compliant disclosures to prevent UDAAP orfair Lending risks associated with is an Advertisement? Print media Radio Television Brochures Direct mail Email Internet (websites, bannerads) Google Adwords Telemarketing scripts Any other consumer-facingsolicitations5 Truth in Lending Act and Implementing Regulation Z Consumer Leasing Act fair Lending (ECOA, Regulation B, and the fair Housing Act) Truth in Savings Act Mortgage Acts and Practices advertising Rule Telemarketing Sales Rule fair Credit Repo
social media about individuals that could potentially be used for marketing purposes, including credit history of an individual’s online “friends,” one’s relationship status, online purchases, and organizations that an individual
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