Bank on Wipfli - Blog and Podcast

 

A Fresh Start to Be Kind and Fair


Feb 03, 2020
Financial Institutions

A new decade presents us with the opportunity for a fresh start. A fresh start will be different for each one of us — maybe a new career path, a new hobby or even just new carpet or paint in your home. Anything that may give you a fresh perspective in life. I am looking out into the next 10 years with the expectation that it will personally be the best decade so far in my life. Feeling wiser but not old. Youthful but not inexperienced. Healthier but not unhappy (I will still enjoy some French fries!). I also came into this decade intending to be kinder to others. 

As a society, we need to make a better effort to treat everyone with kindness. As a financial industry, we need to make a better effort to apply practices and offer products and services in a fair manner. Let's make a strong effort in this decade to increase positivity, fairness and kindness to the consumer market and make a difference in our communities.

We are seeing an increasing number of enforcement actions related to unfair practices and fair lending issues. A commitment to fairness is as easy as applying your institution's practices to everyone in the same manner and ensuring everyone has the same access to and understanding of your products and services. Look out into the next 10 years with the expectation that it will be the best decade so far for your financial institution.  

Wipfli is committed to helping our clients navigate through a challenging Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) and Fair Lending regulatory environment in which unfair practices are highly subjective. We want to assist you in identifying hidden UDAAP and Fair Lending risks in your procedures and understanding the expectations of regulators.  

Reach out to your Wipfli representative to schedule your UDAAP and Fair Lending consultation.

Author(s)

Stephanie Jennings
Stephanie Jennings, CRCM, CCBTO
Manager
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