With the challenging situation many organizations are finding themselves in regarding COVID-19, it's important to protect consumers and your organization during this unprecedented time of workforce changes. Financial institutions and regulators alike are doing their part to help ease the burden while still protecting consumers however they can.
Just last week, regulators were urged to halt all rulemaking not related to COVID-19 for the next 45 days to help turn attention on "protecting the financial system and mitigating economic fallout from the outbreak" (Law360).
Similarly, regulators have encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. According to the FDIC, "prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism." Meaning, financial institutions are given the OK to help their consumers however they feel appropriate and necessary-as long as it's done safely and legally.
Now more than ever, it's important for financial service providers to monitor their own sales and marketing communications, as well as any third parties or partners', for regulatory compliance and to be vigilant about upholding UDAAP and other laws that protect consumers and their own brand.
Here at PerformLine, we're committed to helping our clients protect their organization AND their consumers. While we are all adjusting to this new "normal," our team is working as hard as ever to support and protect organizations in any and every way we can.
Reach out to one of our experts today and find out how we can work together to help protect your brand by monitoring for regulatory and brand compliance across the web, emails, call centers, messages, and social media.