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The CFPB Ruling On UDAAP & Collecting Past Due Accounts

Webinar: ID# 1001277
Date: Recorded
The CFPB Ruling On UDAAP & Collecting Past Due Accounts
About This Course:
Managing your bank's slow pays just got tougher! The Consumer Financial Protection Board (CFPB) new rule addresses how Banks (First Pary Collectors) collect their past due accounts.

We will discuss the CFPB's new rule, including the hurdles you can expect to jump regarding Unfair Deceptive or Abusive Acts and Practices (UDAAP) and their examples of practices to avoid which resemble 3rd party collector requirements.

We will also spend our time discussing collection skills, being consistent, and updating your policy and procedures to handle the changes coming your way. Additionally, we will highlight red flags and offer tips on identifying loans before they become delinquent.

Learning Objectives

This webinar will provide you with best practices, examples of collection letters, reporting your adverse consumer information, and scripts that really work when used at the right time in the collection process.

Among other things, it covers the Fair Credit Reporting Act (FCRA)/Fair &Accurate Credit Transaction Act (FACTA) &Fair Debt Collection Practices Act (FDCPA) Compliance Points for Lenders.

Just one tip or technique picked up from this session will literally save or make you and your bank thousands of $$$.

AGENDA

Overview of Credit &Collections

  • Fair Credit Reporting Act (FCRA)/Fair &Accurate Credit Transaction Act (FACTA)
  • Fair Debt Collection Practices Act: 1st Party &3rd party collecting guidelines
  • Consumer Financial Protection Bureau: 1st party collecting, &UDAAP issues in collecting

Policy and Procedures

  • 7 tips your policy must have to help collect your money
  • Reviewing the credit application for Red Flags and ID Fraud

Mail

  • Notices vs Letters: Design the perfect Collection Letter
  • FACTA REG V Compliance
  • Email dos and don'ts

Calling Consumer

  • Motivate the customer to pay in full with one call
  • Enhancing your negotiation skills and work outs
  • Learn the real reason they are not paying you
  • Find overlooked sources of money

Collection Tools

  • Using credit reports to uncover facts about consumers
  • Select the right collection agency or attorney: Are they FDCPA &FACTA Compliant?
  • Using the WEB as a great skip tracing tool
  • Reporting the Banks past due customers through Metro2 &E-OSCAR &FCRA/FACTA Compliance

Conclusion

  • Putting this knowledge into action

Included Materials:

The material provided will make it easy to follow the session in a straightforward, user-friendly format. In addition, the handouts will be a valuable resource that your institution can refer to after the webinar, both as a refresher for information covered during the program as well as a primer for new employees relevant to the subject matter.

Who Should Attend

This informative session is designed for new and seasoned Consumer &Commercial Lenders and Collection Staff, but is beneficial for CEOs, CFOs, Directors, Presidents, Compliance/Risk Officers, Credit Analyst, Trainers, CSRs and anyone responsible for establishing &maintaining credit &collection policy &procedures.

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.

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