Both the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) contain requirements for providing notice of action taken. This webinar reviews the requirements of both laws and covers common violations and provides solutions.
Examiners closely scrutinize denial notices for compliance with ECOA and FCRA requirements. Adverse action violations are frequently cited in exam reports. Items as simple as the failure to check a box or checking a box that should remain unchecked are frequent violations.
Corrective action can be painful. Pursuant to a consent order with its regulator, one bank was required to search its records for two previous years to identify loan applicants that never received, or who had received inadequate, adverse action notices. The bank was required to send new notices to affected applicants within seventy-five days from the date of the order. This action was burdensome for the creditor, confusing for the denied applicants, and avoidable.
Failure to comply with adverse action requirements can lead to civil liability and enforcement actions from the regulators.
Who Should Attend?
The program is designed for compliance officers, auditors and for those with responsibility for completing adverse action notices.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.