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Adverse Action at Account Opening: Reporting & Documentation

Oct 27 2:00 PM - Oct 27, 2021 3:30 PM
Oct 27, 2021 2:00 PM - 3:30 PM
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A deposit account can be opened anytime, right? Not so fast! Sometimes a financial institution will refuse to open a deposit account because of information obtained from a credit reporting agency or checking account screening company. This fast-paced webinar will describe how to handle such a situation and explain when the FCRA and/or the ECOA come into play.

Learning Objectives

  • Determine when an adverse action notice is required if your financial institution refuses to open a new deposit account
  • Explain situations when the FCRA and/or the ECOA apply to deposit accounts
  • Distinguish between the adverse action notices under the FCRA and under the ECOA
  • Know how to exempt your financial institution from sending adverse action notices
  • Create a standard notice to use when your financial institution refuses to open a deposit account

Most financial institutions believe that the Fair Credit Reporting Act (FCRA) only applies to “credit.” But it also applies to “deposit” accounts if the institution relied on information from a credit reporting agency or a deposit account screening company such as Certegy, ChexSystems, or CrossCheck. Surprised? Under FCRA, financial institutions are required to send adverse action notices when refusing to open a deposit account based on information from a credit reporting agency or a checking account screening company. Further, although the Equal Credit Opportunity Act (ECOA) only relates to “credit,” it does apply if overdraft protection was related to the account. This webinar will explain adverse action reporting and documentation requirements for deposit accounts under both FCRA and ECOA.

Agenda

Speakers

Elizabeth Fast, JD & CPA, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.

Location

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Operations
  • Member Service
  • Compliance