Understanding Consumer Credit Reporting Obligations: Metro 2, E-OSCAR and New Tougher FCRA/CFPB Compliance


OVERVIEW
Understand your potential legal risk and compliance obligations with respect to consumer credit reporting. Many financial institutions which furnish consumer credit information on a periodic basis to Credit Reporting Agencies (CRAs) experience challenges in furnishing data in the Metro 2® format.
Most credit reporting disputes are handled through the E-OSCAR/ACDV system, which has had recent updates that affect data furnishers' legal obligations in regard to these disputes. This is an active area of litigation and regulatory scrutiny that is consistently being reviewed by examiners and regulators.
WHY SHOULD YOU ATTEND
This webinar will help attendees better understand their potential legal risk and compliance obligations with respect to consumer credit reporting. Special problems related to the Metro 2 credit reporting guidelines, bankruptcies, disputed accounts and identity theft will also be addressed.
AREAS COVERED
METRO 2 CREDIT REPORTING GUIDELINES

Furnishers' initial reporting obligations under 15 U.S.C. § 1681s-2(a)
Recent FCRA and related litigation
Reporting of accounts included in bankruptcy

Chapter 7
Chapter 13


Reporting of accounts in dispute

E-OSCAR AND FCRA LITIGATION RISK AND COMPLIANCE BURDEN

Recent developments in FCRA/CFPB compliance requirements
Responding to a CRA dispute and the ACDV System (15 U.S.C. § 1681s-2(b))

Scope of review of consumer dispute
Deletion of trade lines and related obligations


HANDLING CONSUMER CLAIMS OF IDENTITY THEFT

Review of CFPB's Supervisory Bulletin including Furnishers Duty to Investigate Consumer Credit Report Disputes

All agencies will apply CFPB tougher exam standards
FACTA Section 312 will play a key part in your agencies expectations
Your responsibilities under the FACTA-Red Flag guidelines as a Data Furnisher
Reviewing your trade line information to be in compliance and reduce risk


Reporting Data Reporting your information monthly using the METRO or METRO-2 format

Using E-OSCAR to view and respond to consumer disputes- Automated Credit Dispute Verifications (ACDV Responses)
Using E-OSCAR to create and submit interim maintenance requests Automated Universal Data forms (AUDs) for previously reported trade lines
NEW Compliance points and running quality control checks


CONCLUSION

Putting this knowledge into action & reducing your Institution's risk!


ACTION STEPS TO IMPROVE COMPLIANCE

Analyze Input Channels
Servicing System to Metro 2 File Review to CRA Soft Pull
Risk Ranking
Remediate Issues Identified
Establish Credit Reporting Oversight and Framework for Future State
Update P&Ps
Establish Ongoing Monitoring

LEARNING OBJECTIVES

You will be able to discuss penalties for non-compliance
You will be able to review the credit reporting lifecycle
You will be able to describe an executive reporting dashboard
You will be able to describe major credit reporting compliance obligations
You will be able to recognize potential areas of litigation risk in connection with investigation in response to a credit reporting dispute
You will be able to discuss Metro 2 Credit Reporting Guidelines and related obligations of CRAs and furnishers
You will be able to explain CRAs' and furnishers' obligations in response to an ACDV

WHO WILL BENEFIT

Compliance Officers
Lenders
Operations Personnel
Branch Managers
Assistant Branch Managers
Customer Service Reps
Consumer lenders
Risk Officers
Collectors
Auditors
Trainers
Everyone in your institution dealing with consumers, credit information and identity theft

Use Promo Code MKT10N and get flat 10% discount on all purchases
To Register (or) for more details please click on this below link:
http://bit.ly/2J8z3qu
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882

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