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Truth in Lending - Auditing Open-end Credit
(Presented By: Jack Holzknecht)
WHAT?
Most financial institutions offer some form of open-end credit. Most offer home equity lines of credit or overdraft lines of credit. Many offer a basic check accessed line of credit or a credit card plan.  | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |
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For even the most basic open-end credit plan two different Truth in Lending Act disclosures are required - an initial disclosure and a periodic disclosure. In addition to the two basic disclosures, special additional disclosures are required for home equity lines of credit and for credit card solicitations
This Webinar provides step-by-step instructions for conducting an audit of Truth in Lending open-end credit disclosures. Audit steps are provided for the initial and periodic disclosures, home equity program disclosures, credit card solicitations, and billing rights notices.
WHY?
Frequent errors are found in open-end disclosures. Many lenders falsely assume that open-end disclosures are correct since they are purchased from a vendor.
In most cases, the individual disclosures are correct. A frequent problem is that the package of disclosures is not correct. For example, the periodic disclosure is not compatible with the initial account agreement/disclosure that is provided to the borrower. Such a situation may represent both a Truth in Lending error and a contract issue.
The extensive manual contains checklists, questionnaires and detailed examples of audit procedures.
WHO?
The program is designed for loan department management, compliance officers, and auditors.
PROGRAM CONTENT
This two-hour seminar focuses on:
The required content of the:
Initial disclosure;
Periodic disclosure;
Home equity program disclosure and booklet;
Credit card solicitations;
Error resolution notices; and
Rescission notices;
How to audit each disclosure; and
How to break down and reconstruct the periodic statement according to the terms of the account agreement.
PRESENTER
Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-four years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by the Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru" at http://www.bankersonline.com/ and frequently answers compliance questions sent to "Bankers' Threads."
More information...
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888-229-8872