The Review of Banking & Financial Services: Planning and Executing Effective Remediations
At some point, nearly all financial institutions, no matter how well managed, discover one or more issues that require consumer remediation. While each remediation event is unique, an institution can take steps to ensure a successful remediation both before the event arises and immediately upon discovery. This article discusses the benefits of self-identifying events that may warrant remediation, strategies for developing an effective remediation framework, steps to take upon discovering an issue that may prompt monetary and non-monetary forms of consumer redress, the importance of an effective communication plan, and factors to consider when drafting an effective remediation plan.
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About the Authors
JEREMY HOCHBERG has 20 years of private and public sector experience in financial services. He advises banks, financial services companies, and third-party service providers on regulatory compliance and enforcement matters. Jeremy represents clients on fair lending and responsible banking issues, including matters involving claims of disparate impact; disparate treatment; and unfair, deceptive, or abusive acts or practices (UDAAP). His work in this area includes advising on underwriting, pricing, exceptions, redlining, steering, limited English proficiency, sales and marketing, artificial intelligence and machine learning, overdrafts, credit reporting, and servicing issues.
PATTI HARTSFIELD-DAVIS is an independent consultant, currently aligned to Mitchell Sandler PLLC, with a focus on risk and compliance advisory services, including regulatory remediations, for financial FIs of all sizes. In addition to working with Mitchell Sandler, she currently serves on the Board of Directors for Sunrise Banks, N.A., a national bank that is also a Community Development Financial Institution, and currently chairs the board’s Compliance & BSA Committee. Prior to entering consulting, she held senior positions at Fifth Third Bank (Chief Compliance Officer), Ally Bank, and Bank of America, spanning roles that included regulatory and consent order remediation, policy administration, and numerous areas of compliance and operational risk management (U.S. and international; consumer and business/commercial).
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