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legal risk assessment on new banking products or services

Review relevant laws and regulations governing banking products or services

Identify any potential conflicts with existing regulations

Ensure compliance with Consumer Financial Protection Bureau (CFPB) guidelines

Confirm adherence to anti-money laundering (AML) regulations

Review all contracts related to the new product or service

Ensure that all terms and conditions are clearly outlined and understood

Verify that contracts comply with state and federal laws

Confirm that contracts include provisions for dispute resolution

Evaluate data collection and storage practices

Ensure compliance with data privacy regulations

Assess cybersecurity measures in place to protect customer data

Confirm that customer consent is obtained for data collection and use

Identify potential risks associated with the new product or service

Develop a risk management plan to mitigate identified risks

Establish procedures for monitoring and addressing risks as they arise

Ensure that risk management practices align with industry standards

Review marketing materials for accuracy and transparency

Confirm that proper disclosures are provided to consumers

Ensure that customer complaints are addressed promptly and fairly

Verify that customer service practices comply with consumer protection laws

Review corporate governance structure to ensure accountability

Confirm that ethical standards are upheld in all aspects of the new product or service

Evaluate potential conflicts of interest and establish procedures for addressing them

Ensure that all employees are trained on ethical conduct and compliance with regulations

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