Consumer Credit Reporting - Assessing Risk and Requirements, plus Are We Done with FACT Act Yet?

Carl Pry

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Vice President and Compliance Manager for a large financial institution in Ohio. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Tuesday, July 21st, 2009
12:00 am - 2:00 am CT

The Fair Credit Reporting Act (FCRA) is one of the more complex rules in the banking industry, due in part to changes mandated by the FACT Act, which was passed back in 2003. Even though this is more than 5 years ago, some of the FACT Act's provisions still have not been implemented. But that doesn't necessarily mean you can ignore the requirements. You need to be prepared when they do come about. Learn what to do now, and what to prepare for. Learn what the examiners will look for, as well. There are many tripwires in the FCRA - be sure to be prepared.

Covered Topics Include:

Basic FCRA definitions and requirements
What you can and cannot do with credit reports
Adverse action and required notices under the FCRA
FACT Act provisions: what you have to follow now and what you can wait on
Added Protections for Consumers:
- Fraud Alert provisions
- Blocking of information due to ID theft or fraud
- Limitations on Medical Information
Enhanced Consumer Access to Credit Information:
- Credit Score availability and factors affecting the score
- Notification of Reports of Negative Information
The coming "Risk-Based Pricing Notice"
Red Flag Guidelines and the Identity Theft Prevention Program
Opt-Out Provisions and Notices - more complexity
Prescreened solicitations - rules and requirements
Clarified Sharing of Information with Affiliates
Enhanced Duties of Accuracy of Information you report to the credit bureaus
Duties to report accurate information
Consumer dispute provisions

Who Should Attend?

Anyone who deals with credit reporting responsibilities at your institution, and the consumers who are affected, would benefit from attending this session.

Consumer Credit Reporting - Assessing Risk and Requirements, plus Are We Done with FACT Act Yet?

Carl Pry

Covered Topics Include:

Who Should Attend?

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