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How to Comply With Adverse Action Rules
(Presented By: Jack Holzknecht)
WHAT?
Pursuant to a consent order with its regulator, one bank was required to search its records for the last year and a half to identify loan applicants that never received, or who had received inadequate, adverse action notices. The bank was then required to send new notices to affected applicants within seventy-five days from the date of the Order.  | 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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Both ECOA/Regulation B and the Fair Credit Reporting Act contain requirements for providing notice of action taken. This two-hour telephone seminar reviews the requirements of both laws. It also covers common violations and provides solutions to common problems.
WHY?
Failure to comply with adverse action requirements can lead to civil liability and enforcement actions from the regulators.
PROGRAM CONTENT
Upon completion of this program your staff will understand:
The adverse action notice requirements of both the Equal Credit Opportunity Act (Regulation B) and the Fair Credit Reporting Act;
How to complete the model adverse action form;
The rules for multiple borrowers;
Proper handling of counteroffers;
Timing rules;
How to handle withdrawn and incomplete applications; and
How to select the correct reasons for denial.
WHO?
The program is designed for compliance officers, auditors and for those with responsibility for completing adverse action notices in the lending department.
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