Adverse Action at Account Opening: Reporting & Documentation
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.
Elizabeth Fast, Spencer Fane LLP
Individual webinar: $259
Full, 6-part New Account Series: $1,295 (save $259)
The series includes:
To purchase the series, please visit the main New Accounts Series page.
Live and recorded webinar, handouts, quiz with answer key and training log are included.
Your registration includes unlimited locations (until further notice), making it easier to share and learn with remote staff during the coronavirus crisis. Training materials will be available to download the day of the event.