Webinar poll shows majority of finance companies only ‘somewhat prepared’ for federal exams
Perhaps a primary reason recently Wolters Kluwer Lien Solutions hosted an informational webinar appeared through a participant survey conducted during the session.
Nearly 60% of the live webinar audience polled about portfolio management for auto financing responded that they felt only “somewhat prepared” for internal audits and regulatory exams assessing their practices.
After seeing that figure, Robert Inskeep, who spent 33 years as a national bank examiner at the Office of the Comptroller of the Currency (OCC) shared insights on how finance companies can protect themselves by improving loan portfolio management practices, tightening controls and performing self-assessments.
Inskeep also explored the Interagency examiner guidance and offer practical tips, from an OCC examiner’s perspective, on the potential consequences of poor execution of policies and procedures as banks deal with auto-financing challenges amid the COVID-19 pandemic.
Also on the agenda for the session titled, “Practicing Sound Loan Management in a COVID World,” was Wolters Kluwer’s Rick Vanko, senior product manager for iLien Motor Vehicle Solutions. Vanko shared advice on how to protect and perfect one’s motor vehicle collateral by addressing any possible loan exceptions, including managing the costs of those exceptions.
“While the regulatory and legal obligations behind auto lending remain unchanged, the ways in which lenders are adapting to operate in a disrupted economy present unexpected challenges. The increasing volume of loan defaults and car repossessions means significant challenges for lenders in managing higher loan portfolio risk while maintaining compliance with banking laws and regulations,” Wolters Kluwer said.
A recording of the webinar can be seen through the window at the top of this page.