* Please note that this product will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. It will come in the form of a web link via e-mail from [email protected]
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.
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. You will receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of this program participants understand:
- The adverse action notice requirements of both the Equal Credit Opportunity Act (Regulation B) and the Fair Credit Reporting Act;
- How to complete the model adverse action form;
- The rules for providing notices to multiple borrowers;
- Proper handling of counteroffers, and withdrawn and incomplete applications;
- Timing rules for adverse action notices;
- How to select the correct reasons for denial;
- Rules for commercial loans;
- The differences between applications, completed applications and inquiries;
- When an adverse action notice is needed for a deposit account; and
- Common errors in completing adverse action notices.
The program is designed for compliance officers, auditors and for those with responsibility for completing adverse action notices.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 40 years. In 35 years as a trainer over 125,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There 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 a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
Kelly M. Owsley, CRCM is Director of Training Services for Compliance Resource, LLC. Kelly’s career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in numerous areas of the financial services industry including retail branch management, lending, product development and training. In addition, Kelly spent three years in a training and development role with CUNA Mutual Group servicing the largest credit union in the United States. Most recently, she served as the Vice President of Compliance, BSA Officer, and CRA Officer for a community bank in Kentucky where she was responsible for implementing and training all compliance related topics. Kelly holds a Bachelor of Science degree in Accounting from the University of Kentucky and is a Certified Regulatory Compliance Manager.