Today, the American Bankers Insurance Association (ABIA) hosted a Compliance Webinar on "A Guide to Offering Debt Protection Products". Chrys Lemon and Michael Aphibal, McIntyre & Lemon, PLLC discussed how enforcement actions from financial regulators have reinforced the importance of having a robust compliance program when offering debt protection products. The webinar provided an overview of the different federal rules that govern how debt protection products may be marketed and what requirements exist when selling the products. Specifically, the webinar discussed the OCC’s Part 37 regulations, the effect of the Truth-in-Lending Act and the CARD Act on debt protection products, and lessons learned from the CFPB guidance and enforcement actions concerning debt protection products.
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