UDAAP Compliance Solutions Offered at March Dinner Meeting
Expert View of the Economy Presented By Matthew Resch
The advent of the Unfair Deceptive Act and Abusive Practices, better known as “UDAAP” requires banks to operate in era of “fairness” to the customer while challenged to maintain profitability in a low-interest rate environment under the narrowest of margins. Asaad Faquir, Director from RSK Compliance Solutions presented a comprehensive review of the provisions of UDAAP at the March Dinner Meeting. He emphasized the obligations that UDAAP places on banks and recommended the strategies that institutions can employ to maintain compliance by designing processes that are fair by design, thus preventing the unfair from occurring.

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Asaad Faquir FMS Presentation photo
Featured dinner speaker Asaad Faquir, Director, RSK Compliance Solutions, presented Dare To Be Fair - Unfair Deceptive Act and Abusive Practices.

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March 2013 Dinner Meeting photo
Chapter Members learn the ropes of UDAAP compliance at the March Dinner Meeting presentation.

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March 2013 FMS Dinner Meeting Photo
Amit Govil, John Thomas and Al Molin enjoy a moment of relaxation at the cocktail hour  preceding the dinner meeting.

The Chapter’s March Dinner Meeting was held at the Stony Hill Inn in Hackensack, NJ on Wednesday, March 20, 2013. The afternoon Mini-Session featured a very informative economic outlook presented by Matthew Resch, Principal from the Ambassador Financial Group. A splendid cocktail hour preceded the full-course dinner offering Members and guests the opportunity to mingle and relax while enjoying their favorite cocktail along with a lavish array of fine appetizers served by the expert staff at the Stony Hill Inn.

During his dinner presentation, Mr. Faquir emphasized that banks have the obligation to become aware sellers of their products and services and must strive to be above reproach concerning consumer protection. He defined the Dodd-Frank standard of “unfairness” to the consumer and the conditions in which a bank’s representations, acts or practices may be considered to mislead a customer or create a material deception.

He enumerated the considerable risks a bank faces when failing to comply with the provisions of UDAAP which include significant financial penalties, possible consumer revolution as well as compromising the bank’s reputation in the marketplace. He provided excellent examples of deceptive advertising and other UDAPP violations, described the compliance challenges that banks face and summarized the framework of the design process necessary for a bank to achieve compliance.

Matthew Resch presented The Economy, The Fed and Interest Rates during the afternoon Mini-Session. He provided an expert review of the state of the economy, Federal Reserve monetary policy and the current interest rate environment.

Matthew keenly described how decreased loan demand in key markets over the last five years is the “issue” that is pushing banks toward the margin “cliff” through forced investment in extremely low-rate demand deposits.

Matthew summarized key strategies that financial managers can utilize in order to maximize profitability in the current low-margin investment environment. He noted the importance of maximizing earnings by managing interest rate, credit, liquidity and earnings risks with a balanced approach. He emphasized the need to be flexible, adding sources of non-interest income where feasible and consider growth through acquisitions.

Topics and Speakers

Dare To Be Fair
Unfair Deceptive Act & Abusive Practices

Asaad Faquir FMS Presentation photo
Asaad A. Faquir
Director
RSK Compliance Solutions
855 860-4888

afaquir@rskcompliance.com
www.rskcompliance.com

Slide Presentation
Speaker Bio

The Economy, The Fed
and Interest Rates

Mathew Resch FMS Presentation Photo
Matthew T. Resch
Principal
Ambassador Financial Group
610 351-1633

mresch@ambfg.com
www.ambfg.com

Slide Presentation
Speaker Bio

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Mathew Resch FMS Presentation Photo
Matthew Resch, Principal with the Ambassador Financial Group offered an expert view of the economy during the afternoon Mini-Session.

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Mathew Resch FMS Presentation Photo
Chapter Members closely follow the Mini-Session presentation by Matthew Resch.

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March 2013 FMS Dinner Meeting
More cocktail party banter ... (l.-r.)Mike Hennessy, Steve Feehan, Chris Schroller and Nate Buono pose for the photographer!

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March 2013 FMS Dinner Meeting
Dinner is served! The "picture-perfect" appetizer was not only delicious, but a visual masterpiece as well!