A Banker’s Responsibility for Fair Credit Reporting Act Compliance

Register by December 24th and take advantage of our Early Bird Pricing!

All registrations to Compliance Resource webinars include five live connections AND the recording of the webinar (guaranteed for one year).

A Banker’s Responsibility for Fair Credit Reporting Act Compliance has been submitted to ABA Professional Certifications for CE credit review and is pending approval. Once we receive notification of the credit approval, we will notify attendees.

WHAT?

The Fair Credit Reporting Act (FCRA) has been around since the 1970s. The law was fairly straight forward for many years. Then the Fair and Accurate Credit Transaction Act (FACTA) became law on December 4, 2003. The FACT Act revised the FCRA. The revisions, which unfolded over an eight-year period, resulted in substantial changes for all financial institutions.

In order to understand the various provisions of the law today, research must include both the FCRA and FACTA and the Consumer Financial Protection Bureau’s (CFPB) Regulation V and the Federal Reserve Board’s (FRB) Regulation V. It is all a bit of a jumble.

The Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA), which was signed into law on May 24, 2018, further amends a number of sections of the FCRA. Those sections create new security freeze rules, change rules regarding veteran’s medical debt, and allow a rehabilitation program for delinquent student loans. The EGRRCPA revisions had effective dates ranging from May 24, 2018 to May 24, 2019.

WHY?

This two-hour on-line program provides a review of the numerous subparts and appendices included in both the CFPB’s and FRB’s Regulation V and the FCRA and FACTA. It also includes the EGRRCPA amendments. Although many of the provisions are new, program participants frequently comment that they never heard of some of the sections discussed. Ignorance of the law is not an acceptable excuse for violations. If any member of your staff is not familiar with the provisions listed below they need this program.

Program participants receive a detailed manual that provides a thorough explanation of all the FCRA requirements.

PROGRAM CONTENT

Upon completion of the program participants understand the FCRA requirements, as modified by EGRRCPA, for:

• Affiliate Marketing;
• Medical Information;
• Duties of Furnishers of Information;
• Duties of Users Regarding Obtaining and Using Consumer Reports;
• Duties of Users Regarding Risk-Based Pricing;
• Duties of Users of Consumer Reports Regarding Identity Theft;
• Duties of Users of Consumer Reports Regarding Address Discrepancies and Records Disposal;
• Identity Theft Red Flags;
• Duties of Consumer Reporting Agencies Regarding Identity Theft;
• Duties of Consumer Reporting Agencies Regarding Disclosures to Consumers;
• Miscellaneous Duties of Consumer Reporting Agencies;
• Truncation of Numbers;
• Providing Information to Victims;
• Blocking Information;
• Repollution;
• Investigation Coordination;
• Debt Collection Communications;
• Free Credit Reports;
• Disclosure on Opt-Out of Prescreened Lists;
• Disclosure of Credit Scores; and
• Notice of Negative Information.

WHO?

The program is designed for compliance officers, operations personnel, loan officers, loan originators, auditors and others involved in originating and servicing loans.

*This program will start at 2:00 PM EST, 1:00 PM CST, 12:00 PM MST, or 11:00 AM PST

**Recording Included

This webinar will be recorded and sent to all registrants. You will receive links to the recording following the program. These recordings have unlimited viewings and are available for up to one year.

Register by December 24th and take advantage of our Early Bird Pricing!