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Course/Product Description

Metro 2® Regulatory Updates And FCRA Compliance

Date / Time: Recorded
Format: Webinar

Many financial institutions which furnish consumer credit information on a periodic basis to Credit Reporting Agencies (CRAs) experience challenges in furnishing data in the Metro 2® format.

There are many common pitfalls and mistakes that can occur when furnishing data to CRAs, and the consequences for furnishing without accuracy and integrity can be severe.

Responding to consumer disputes in an appropriate and timely manner can also present additional complexities. Failing to provide accurate data submissions to the CRAs under the Federal Credit Reporting Act (FCRA) and other Federal Consumer Finance laws can result in severe penalties.

This information is critical for persons responsible for furnishing data to credit reporting agencies so they can ensure their submissions are accurate and in compliance with the FCRA.

This webinar helps the persons responsible for furnishing data to CRAs and responding to disputes understand the Metro 2® format and how to avoid common pitfalls and mistakes during the furnishing process. The content provides detailed reporting examples for Metro 2® transmission along with an explanation of how to avoid incorrect submissions, and an understanding of both direct and indirect disputes.


Introduction and Credit Reporting Overview

  • Agenda/Format and Speaker Bios/Experience
  • Key Terms
  • Major Sections of the Law/Regulations
  • FCRA 611 Responsibilities of CRAs
  • FCRA 623 Responsibilities of Furnishers
  • 1022 Appendix E Regulatory Expectations for Policies and Procedures
Regulatory Environment
  • AG Settlement With CRAs
  • CFPB Consent Orders
  • FTC Activity
  • Penalties for Non-Compliance
Furnishing Overview
  • Credit Reporting Lifecycle
  • Accuracy and Integrity
  • Metro 2® Format
  • Common Pitfalls and Mistakes
  • Furnishing Examples
  • Quality Control
Disputes Overview
  • Indirect Disputes
  • Brief Overview of eOSCAR
  • Direct Disputes
  • Executive Reporting Dashboard
Action Steps to Improve Compliance
  • Analyze Input Channels
  • Servicing System to Metro 2® File Review to CRA Soft Pull
  • Risk Ranking
  • Remediate Issues Identified
  • Establish Credit Reporting Oversight and Framework for Future State
  • Update P&Ps
  • Establish Ongoing Monitoring
About The Presenters

Michael Canale
  • Associate Director in the Consumer Finance Practice of Navigant Consulting, Inc. based in New York, NY
  • More than twelve years of professional experience including project management focused on compliance, operations, finance, accounting, and bankruptcy administration and liquidation
  • Participated in projects as an Independent Consultant for multiple consent orders relating to FCRA; in addition, he has project managed several engagements evaluating the credit reporting disputes process including direct and indirect disputes, fraud, and default, ensuring the furnishers maintain effective policies and procedures associated with CFPB rules and regulations
  • Currently leading the FCRA review for a large financial institution conducting an operational assessment, data analytics, and performing credit bureau account testing
John DelPonti
  • Managing Director in the Consumer Finance Practice of Navigant Consulting, Inc. based in Charlotte, NC
  • More than 25 years of experience in mortgage, consumer and finance banking, distressed workouts, capital markets operations, loan valuation and restructuring, portfolio asset management, financial due diligence, post-merger integration, lending best practices, mortgage servicing reviews, and risk management including bank (OCC/OTS/FDIC/CFPB) regulatory and compliance management
  • Currently leading bank work on FCRA related reviews from both a regulatory (CFPB focus) and Metro 2 guideline perspective
David King
  • Director in the Consumer Finance Practice of Navigant Consulting, Inc. based in Houston, TX
  • Lead engagements across a wide variety of financial service functions covering risk management, compliance, data extraction and analysis, systems integration, systems development and document management; has been a team leader and project manager for compliance reviews, vendor audits and government inquiries for numerous companies across the world
  • Conducted numerous current state assessments and system change projects relating to FCRA; the assessments include reviews of policies and procedures pertaining to disputes, furnishing and usage, an evaluation of Metro 2 files submitted by clients to the CRAs, and the testing of trade lines
  • Supervised the teams acting as the Independent Consultant in Consent Orders issued by the CFPB related to FCRA
Beji Varghese
  • Managing Director in the Consumer Finance Practice of Navigant Consulting, Inc. based in Charlotte, NC
  • Specializes in the area of governance, risk and compliance and has advised multiple companies in the design and implementation of effective financial reporting internal controls
  • Worked on multiple large bank and non-bank FCRA related projects from a regulatory (CFPB focus) perspective; in addition, he has been intimately involved in helping mortgage servicers mitigate the current issues affecting their foreclosure, bankruptcy and mortgage servicing processes
  • Has led credit reporting reviews, risk and compliance reviews, distressed workouts, consent order reviews and lending best practice reviews for the top 20 US consumer finance companies

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
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