Subscribe & download
Filter events
|
1:30pm
to
3:30pm |
|
How to Audit for Compliance with the FACT Act
(Presented By: Jack Holzknecht)
The Fair and Accurate Credit Transaction Act (FACT Act) became law on December 4, 2003. The FACT Act revised the Fair Credit Reporting Act (FCRA). The revisions result in substantial changes for all financial institutions. Many of the provisions were effective December 1, 2004. Other sections become effective during 2005. Other sections will take effect in coming months.  | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |
 |
 |
 |  |
The agencies have been slow releasing regulations to implement the law and even slower providing additional needed guidance. Although some sections of the FACT Act regulations have been in effect for over a year and a half, only recently did the agencies publish examination procedures, and of course, those procedures only address the sections of the law for which final regulations have been published.
WHAT?
Financial institutions face liability for violations of the FACT Act. They must have a plan for auditing for compliance with this law and they must have procedures for conducting the audit.
This two-hour program provides suggested procedures for auditing for compliance with all of the FACT Act provisions. It begins with the recently published regulatory examination procedures. It expands to include suggested procedures for sections of the law that are final, but are not addressed in the regulatory examination procedures and suggested procedures for those sections which will become final in the coming months.
WHY?
This two-hour program provides:
An explanation of the requirements of the sections of the FACT Act that affect financial institutions;
Audit procedures for all sections of the FACT Act that affect financial institutions; and
Checklists to facilitate the audit process.
Participants receive a detailed manual that serves as a handbook long after the program is completed
PROGRAM CONTENT
Upon completion of this program, participants understand how to audit FACT Act provisions related to:
Fraud and Active Duty Alerts;
Red Flag Guidelines;
Providing Information to Victims;
Blocking Information and Repollution;
Responsibilities of Furnishers;
Disclosures of Credit Scores;
Reconciling Addresses;
Notice of Negative Information;
Disposal of Information;
Pricing Notice;
Prescreening;
Using Medical Information in the Financial System; and
Sharing with Affiliates for Marketing Solicitations.
WHO?
The program is designed for compliance officers, auditors and others with responsibilities for implementing the FACT Act.
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...
|
|
888-229-8872