Wednesday, December 15, 2021
2:00 – 3:00 pm (Eastern Time)
1:00 – 2:00 pm (Central Time)
12:00 – 1:00 pm (Mountain Time)
11:00 – 12:00 pm (Pacific Time)
The Fair Credit Reporting Act (FCRA) strictly regulates the use of consumer reports and prescreened offers of credit. But how “firm” must an offer of credit be to satisfy the FCRA? Can your institution postscreen consumers? What additional disclosure requirements must accompany a firm offer of credit? What terms are required for a firm offer of credit? Making firm offers of credit can be a difficult process to navigate. Join this informative webinar to learn the essential requirements and basic steps to reduce risks and calm your compliance nerves!
This compliance webinar covers everything financial institutions need to know about the prescreening process and making firm offers of credit. In this training session, regulatory compliance expert Dena Somers will address frequently asked questions regarding the FCRA and firm offers of credit, explain the common pitfalls for noncompliance, and share best practices to ensure your bank and credit union stays FCRA compliant.
Comprehensive Training Objectives for You and ALL Your Staff
- An overview and explanation of the prescreening process
- Notice and screening requirements under the Fair Credit Reporting Act (FCRA)
- Firm offer requirements imposed by each of the national Credit Reporting Agencies
- Learn the top 5 most common mistakes made by lenders and how to avoid them
- How to align your screening practices with FCRA regulations
- Permissible vs prohibited post-screening practices
- Consequences for failing to make a firm offer of credit
- Best practices for fulfilling prescreened offers of credit compliantly
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits & 1.2 AAP Credits