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Credit Report Legal Issues
(Presented By: Mary Beth Guard and Jack Holzknecht)
WHAT?
The Fair Credit Reporting Act provides strict guidelines for obtaining and using credit reports, providing notices, as well as conditions for sharing information derived from the reports and disposing of it. In addition, the FCRA establishes duties for furnishers of information to consumer reporting agencies and requirements for dealing with incorrect information, accounts linked to identity theft, and resolution of error claims. Along with the clear text of the lengthy law, financial institutions must take into consideration the collection of Federal Trade Commission staff opinions interpreting its provisions and recent rules implementing some provisions added to the FCRA by the FACT Act.   | WEBINAR TIME:
11:30AM-1:30PM PT
12:30-2:30PM MT
1:30-3:30PM CT
2:30-4:30PM ET |
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WHY?
The FCRA is a complex law that is easily violated by financial institution employees who have not been trained on its fine points. A clear understanding of its requirements and prohibitions is vital to avoiding liability, harm to customers, and reputational damage to the institution.
PROGRAM CONTENT
This two-hour program, which reviews all of the major provisions of the Fair Credit Reporting Act, addresses:
What is a "credit report?"
What is a "consumer reporting agency?"
When you can legally pull a credit report
Special rules when dealing with business credit
Observing fraud alerts
Watching out for active duty military alerts
Adverse action notices - when they're triggered, what they should say, who gets them, and what the timeframe should be
Disposal requirements for consumer report information
Restrictions on using medical information
Enforcement issues
Sharing credit report information, or further disseminating it
How accuracy disputes should be handled
Controls to have in place to prevent unauthorized access to reports
Addressing problems resulting from ID theft-related accounts on credit reports
What you should do when the information you've reported is wrong
Avoiding discrimination in reporting methods
Observing timeliness standards
Reporting correctly on joint accounts
How to report when one of the joint accountholder is bankrupt
Disclosures to the government for anti-terrorism purposes
Avoiding being deemed a consumer reporting agency
Enforcement issues
WHO?
The program is designed for compliance officers, auditors, and loan department management and other loan department personnel.
PRESENTERS
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980. She has focused her work exclusively on the banking industry since 1984. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline and Compliance Action, as well as on the editorial board for ABA Bank Compliance magazine. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.
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