Providing Accurate and Timely Adverse Action Notices - 2018
Presented by
Jack Holzknecht
Recorded on August 22, 2017
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2.0 hours
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What
Both the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) contain requirements for providing notice of action taken. This two-hour webinar reviews the requirements of both laws. It also covers common violations and provides solutions to common problems. Examiners closely scrutinize denial notices for compliance with ECOA and FCRA requirements. Adverse action violations are frequently cited in exam reports. Items as simple as the failure to check a box or checking a box that should remain unchecked are frequent violations.
Corrective action can be painful. Pursuant to a consent order with its regulator, one bank was required to search its records for two previous years to identify loan applicants that never received, or who had received inadequate, adverse action notices. The bank was then required to send new notices to affected applicants within seventy-five days from the date of the order. This action was burdensome for the creditor, confusing for the denied applicants, and completely avoidable.
Why
Failure to comply with adverse action requirements can lead to civil liability and enforcement actions from the regulators. This webinar covers the proper and timely handling of denial notices in accordance with ECOA/Regulation B and FCRA. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of this program participants understand:
Who Should Attend:
The program is designed for compliance officers, auditors and for those with responsibility for completing adverse action notices.
Jack Holzknecht
2018 Providing Accurate and Timely Adverse Action Notices
Materials
Slides
Webinar Q & A Document