AAPL’s Ethics Committee reviewed its code violation reporting requirements and internal handling procedures—here are the results. The American Association of Private Lenders established the industry’s frst Code of Ethics in 2015, requiring members to maintain standards of conduct a level above “not breaking the law.” Although these guidelines may seem like common sense to many, [...]
Consider these protocols for when to charge default interest and how to develop a default interest policy. Many lenders have provisions in their loan contracts to charge a higher interest rate if a borrower defaults on their loan. The default interest remains in effect until the loan is again current. When determining the rate, it’s [...]
By understanding and addressing background check best practices, lenders can navigate the process effectively, make informed lending decisions, and maintain compliance with applicable laws. Background checks can be an important tool in business-purpose lending, providing lenders with critical information to make informed decisions about a borrower’s creditworthiness and character. These checks help lenders evaluate various [...]
Gender identity discrimination, fee transparency, and prompt communications were topics for recent discussion and change. Private lenders’ unique position within the larger finance industry has allowed for greater nimbleness, flexibility, and a crucial level of self-agency in operations and strategy. To maintain that advantageous—but not assured—differentiation among borrowers, investors, and industry partners, private lenders must [...]
Transparency is key when an adverse event occurs. The worst has happened. You have had a significant adverse event that may affect your company’s financials and threatens the very existence of your company. If you are a fund manager, what do you tell your investors? How much do you tell your investors? What steps do [...]
As is the case in most ethical scenarios, intent, communication, and action are key. Employee turnover can be costly and disruptive. To mitigate their risk when employees leave and to protect intellectual property and trade secrets, some companies require certain employees to sign noncompete agreements. However, some of these agreements fail because they are overly [...]
Understanding these best practices will help you address an employee's mental health issues, especially within the stressful lending services industry. Forward from Jeff Spiegel, first chair of AAPL’s Ethics Committee and principal of Spiegel Accountancy Corp.: AAPL, as the oldest and largest trade association safeguarding the private lending profession, has a storied history of firsts—one [...]
Companies that tolerate discrimination—whether in the workplace or in lending—risk legal and reputational consequences. The U.S. Equal Employment Opportunity Commission (EEOC) enforces federal laws prohibiting discrimination against a job applicant or an employee during a variety of work situations, including hiring, firing, promotions, training, wages, and benefits. AAPL’s own Code of Ethics takes this a step [...]
These are the hallmarks to which association members strive. AAPL’s Code of Ethics has several purposes. The Code is well-articulated in the association’s annual conference content, continued education for fund managers and private lenders, and online. The association strives to create industry best practices, enforce a code of conduct, and prevent regulatory encroachment. Most items [...]
Each quarter, we ask one of our committees to weigh in on a topic. These broad, open-ended questions allow for a wide range of responses to better explore the full scope of an issue. This quarter, we asked our Ethics Advisory Committee to tell us what they think private lenders can (and should!) be doing [...]
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