Webinar: Credit Reporting on Delinquent Loans
August 12, 2024, 3:00 pm - 4:30 pm
Do you understand the unique operational and compliance challenges posed by reporting delinquent loans to credit bureaus?
From ECOA issues to direct disputes and the gray areas in between, this session will provide a commonsense approach to Fair Credit Reporting Act compliance and management. Join credit reporting veteran David Reed as he cuts through the regulatory web and shares a clean and manageable credit reporting process for your institution.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Appreciate the increasing credit reporting compliance risks
- Break down the requirements for reporting delinquent loans
- Inventory your institution’s credit reporting function
- Understand the critical steps to respond to credit report disputes
- Create a comprehensive credit reporting quality assurance program
- Access hidden industry resources
- Identify and avoid common compliance landmines
WEBINAR DETAILS
News on the delinquency front keeps getting worse. One of the biggest risks in delinquency is the failure to properly report an account to the credit reporting agencies. The growing issue of managing credit reporting is more than just an internal struggle at your institution. In the most recent CFPB statistics, credit reporting accounted for over 70% of consumer complaints! It is receiving added attention from both examiners and specially trained “consumer protection” attorneys. In fact, the CFPB has linked credit reporting irregularities with lapses in Equal Credit Opportunity Act compliance and promises swift action.
It appears there is a perfect storm on the horizon between delinquency control and compliance, and you need to be prepared! From policies and procedures to quality assurance and organizational charts, this essential function impacts every financial institution and there are basic steps you can take to increase efficiency, reduce risks, and calm your compliance nerves.
WHO SHOULD ATTEND?
This informative session is designed for senior executives, managers, compliance staff, lending staff, collections managers, frontline managers, internal auditors, and anyone involved with credit reporting.
TAKE-AWAY TOOLKIT
- Credit reporting inventory checklist
- Sample credit report dispute response letter
- FCRA examination guidance
- Sample FCRA policy
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: David A. Reed, Reed & Jolly, PLLC
Attorney, author, consultant, and nationally recognized trainer, David Reed is a partner in the law firm of Reed & Jolly, PLLC. He provides guidance to financial institutions on establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters, and corporate governance. His engaging speaking style has made him a nationwide lecturer on regulatory compliance, consumer lending, bankruptcy, and collections.
A former trial attorney and vice president and general counsel of a large regional financial institution, David is also a Certified Fraud Examiner. He is particularly known as an expert in the areas of operations, bankruptcy, and collections. He has trained state and federal examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third-party contract management, and bankruptcy.
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