Webinar: Reporting Your
Members Credit: Understanding Increasing Regulatory Requirements
Wednesday, May 21, 2014
2:00 - 3:30 pm CST
Speaker: David Reed, JD, Reed & Jolly, PLLC
About the Program
When was the last time you really considered the importance of the
creation of a trade line on a member’s credit report? How about
the risks? Everyone understands Dodd-Frank created a new world of
consumer protection mandates. Now that the rule making authority under
the Fair Credit Reporting Act has been transferred to the CFPB, they are
monitoring the importance of credit scores in a consumer’s life.
Today’s regulatory pressure on a long-forgotten operational area
has substantially increased credit unions’ risks. From potential
fair lending violations to accusations of incorrectly priced credit and
improper reporting, your financial institution needs to ensure you are
managing your credit reporting risk.
The Fair Credit Reporting Act and FACT Act apply to every financial
institution that reports consumer information to a credit reporting
agency. The fines for improper reporting can be substantial and
litigation risk is rising. Are you fully compliant with the reporting
requirements? What about the intricacies of the Metro 2 reporting
format? Are you using e-Oscar to its fullest? Join us to learn the
important aspects of this operational area.