Updated to include the September 4 CFPB Bulletin regarding Data Furnishers. This update will change the way you handle consumer disputes inside your office and how you report to the National Credit Reporting Agencies.
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) was enacted into law.
The statute requires creditors to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score was used in setting the credit terms or taking adverse action. These changes also affect REG B Equal Credit Opportunity Act (ECOA) requirements.
These Rules and Regulations have been updated and now appear in your FCRA Exam. The Feds have added two new REG V Risk Base Pricing Notices (Hh1-H7) and issued updates to REG B's Adverse Action Notices, C1-C5!
Get some practical advice on how and when. Sign up for our webinar or get the OnDemand recording.Covered Topics:
- FCRA EXAM Compliance POINTS
- The new credit score disclosure requirements
- What to do if you don't use credit scores or no score is available!
- When are the new Adverse Action Notices required?
- Do these requirements compare to or replace the new risk-based pricing requirements?
- AAN Rules for joint applicants
- Using multiple credit scores and consumer disclosure
- What you need to do if the credit score is not available
- Account review(s) and consumer notifications
- Rules regarding multi-party transactions
- Examples and Model Notices
Who Should Attend
This informative session is designed for Presidents, Managers, Credit Analysts, Commercial &Consumer Lenders, Compliance &Risk Officers, HR Trainers, and anyone responsible for establishing, reviewing, &maintaining policy, procedures, and practices.The Presenter
Greg Souther is President of Greg Souther Consulting &Seminars (www.gregsouther.com) a firm that provides training and consulting to Financial Institutions in the following areas: Customer Service &Communication; Credit, Collection, &Compliance; Fraud Prevention&Information Security; and Marketing &Sales.
With over 28 years of training and speaking experience, Greg and his associates share practical "how to" advice that everyone can easily understand and use in their daily work environment.
Greg was Co-Owner and Manager of The Credit Bureaus of Southeast Georgia, the parent company for six Credit Reporting and Collection Agencies based in Brunswick, Georgia. Other Management, Marketing, and Human Resource experience includes Credifax, formerly the Credit Bureau of Jacksonville, the Credit Bureau of Valdosta, and the Credit Bureau of Athens.