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 20th, 2010
1:30 pm
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3:30 pm CT
One of the last requirements of the FACT Act has finally come home to roost – the risk-based pricing notice. The new requirements are effective January 1, 2011. Do you know what is required?
This webinar will discuss in-depth the requirements of the new rule, which in a nutshell require a notice be provided to a consumer whenever material terms of credit offered are less favorable than the most favorable terms available to a substantial portion of that creditor's consumers, and the basis of the offer is information from the consumer's credit report.
That sounds like a lot of legalese and a lot of terms to be defined. You're right – that's exactly what we'll concentrate on in this webinar, plus:
Covered Topics:
- Clear definitions of covered terms
- When exactly the notice is required
- Exclusions – when the notice is not required
- Contents of the notice, including model forms
- Disclosure timing requirements
- Disclosures to multiple applicants
- The various disclosure options available, including the “credit score proxy method” and the “tiered pricing method”
- Alternative methods available applying to loans secured by residential real property and other types of loans
- Information required from credit bureaus to make this all work
- What happens if something is missing
Who Should Attend?
Anyone who deals with credit reporting responsibilities at your institution, and the consumers who are affected, plus loan officers, underwriters, compliance officers, counsel, and anyone else involved in the loan decisioning process would benefit from this session.
