Smart Phone Lending and the Demise of Paper Loans

 Compliance/Regulatory  Lending/Collections

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Non-Affiliated Contact Leslie Poole

Program Description

Millennial members of your CU have no patience for 20th-century, in-person lending customs. They want to shop for, apply for, and obtain loans electronically, with a minimum of eye contact and no need to hunt a parking space. They will have what they want – if not from your CU, then from a competitor. ATMs are for geezers without smartphones. 

It is imperative that your CU embrace mobile and internet-based lending now, just like it was necessary to embrace ATMs a generation ago. This segment will explore the Uniform Electronic Transactions Act adopted by most states, the federal e-Sign Act, and electronic revisions to Article 9 of the Uniform Commercial Code. What kind of e-lending is now permissible, how to assess and address AML and BSA compliance risks, and how to gratify members’ demands for smartphone lending all part of the program.

  • Which major states have NOT adopted UETA, and what does it mean to you?
  • How does the federal E-Sign Act intersect with UETA, and when does it not?
  • How do you OFAC, MIP and red-flag a member who e-joins and then e-applies for an e-loan, and what are the risks?
  • How is an e-loan enforced in Court, without a signature on paper? 
  • How is an e-security interest enforced by your repo-man, without a signed security agreement in a state that no longer issues paper titles?

Program Length: 91 minutes

Who Should Attend

  • Lending
  • Collections
  • Operations
  • Compliance
  • Internal Audit

Meet The Presenter:

Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen-year practice specializing in creditor's rights, bankruptcy, and repossession law in Louisville, Kentucky.

For the last 30 years, Mr. Drake has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters, and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.


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