Gardineer reminded bankers of the importance of due diligence with third party vendors that deliver products and services to servicemembers on behalf of the institution.
At the end of the day, banks are responsible and will be held accountable for failures and abuse in the products and services they offer – even those delivered by third-party vendors.She added that banks have room to improve their processes for identifying military borrowers that are eligible for expanded protections, particularly as more financial products and services begin to fall under the scope of the Military Lending Act in October.
The AMBA annual workshop brings government officials, federal regulators, banking trades and other stakeholders together each year to discuss the latest banking issues affecting servicemembers. ABA President and CEO Rob Nichols will deliver a Washington update to attendees during today’s session.
Read Gardineer’s remarks.