ComplianceOnline

Regulation V - Fair Credit Reporting Act

Instructor: Kara Lamphere
Product ID: 704290
  • Duration: 60 Min

recorded version

$149.00
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Training CD

$299.00
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This webinar will discuss the Regulation V – Fair Credit Reporting Act(FCRA) in details and explain attendees what types of marketing are allowed, requirements of affiliate marketing, and disclosures required with regard to consumer credit report. Speaker will discuss about consumer credit report alerts and identity theft protections, as well as what an institution must do with these alerts.

Why Should You Attend:

The Fair Credit Reporting Act (FCRA) requires the furnishers of information to consumer reporting agencies ensure the accuracy of data placed in the consumer reporting system. Additionally, the FCRA prohibits the use of consumer reports for impermissible purposes, and it requires users of consumer reports to provide certain disclosures to consumers. The FCRA also limits certain information sharing between affiliated companies.

The FCRA contains responsibilities both for entities that are consumer reporting agencies and for persons that operate in any of the following capacities:

  • Procurers and users of information (for example, as credit grantors, purchasers of dealer paper, or when opening deposit accounts)
  • Furnishers and transmitters of information (by reporting information to consumer reporting agencies, other third parties, or to affiliates)
  • Marketers of credit or insurance products and
  • Employers

This webinar training will help attendees understand the process and policies of FCRA regarding disclosures required with regard to consumer credit report and how to implement consumer alerts and identity theft protections.

Learning Objectives:

  • Understand what types of marketing are allowed.
  • Learn requirements of affiliate marketing and disclosures required with regard to consumer credit report.
  • Learn about consumer credit report alerts and identity theft protections, as well as what an institution must do with these alerts.

Areas Covered in the Webinar:

  • Obtaining consumer reports
  • Obtaining Information and sharing among affiliates
  • Disclosures to consumers
  • Miscellaneous requirements of disclosures
  • Furnishing credit information
  • Consumer alerts and identity theft protections

Who Will Benefit:

  • Chief compliance officers
  • Compliance officers
  • Compliance and/or legal departments
  • Internal audit departments
  • Operations personnel
  • Lending
  • Loan officers or sales personnel
  • Branch managers
  • Marketing personnel
  • Servicing department personnel

Instructor Profile:

Kara Lamphere is a financial services professional with 20+ years of experience. She is highly skilled in management with extensive experience in team building, training and employee development with proven success in managing: internal audit, compliance, quality control, fraud, counterparty risk and relations, correspondent operations, and accounting.

Ms. Lamphere has a Bachelor’s Degree in Accounting and holds a Certified Internal Auditor license. Her experience has been predominately in financial services with a short stint in public accounting. She began her career as a teller and new accounts representative in college. Internal audit and compliance have been the focus of her career by serving as chief compliance officer of a bank, chief compliance officer of a mortgage lender, and VP-compliance for a mortgage subsidiary which generated $1 billion monthly in mortgage loans. She has also served as a consultant and auditor for banks ranging from $100MM in assets to over $1B in assets. Currently, she is Chief Compliance Officer and Director, for a mortgage lender generating $950MM on average in loans per month through retail, wholesale and correspondent lending channels.

Topic Background:

The Fair Credit Reporting Act (FCRA), Regulation V, imposes disclosure and other requirements on mortgage lenders who obtain information from a consumer reporting agency to determine a consumer’s credit worthiness. These include the disclosure of credit score information, disclosure of adverse action, and disclosure of risk based pricing. The Fair Credit Reporting Act (FCRA) requires servicers who furnish information to consumer reporting agencies to ensure the accuracy of data placed in the consumer reporting system. The FCRA also limits certain information sharing between company affiliates.

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