Introduction

This 60 minute webinar on "Metro 2, e-OSCAR and the New FCRA/CFPB Compliance Requirements" will be instrumental in establishing proper credit policies and procedures to comply with Federal regulations. The expert will review E-OSCAR (Electronic-Online Solution for Complete and Accurate Reporting) a CFPB requirement, pros and cons of using METRO or METRO-2 format and any federal requirements.

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.

Area Covered In The Webinar

Metro 2 credit reporting guidlines 

  • 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 & 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 DisputesReview 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

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

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 relating to the Metro 2 credit reporting guidelines relating to bankruptcies, disputed accounts and identity theft also will be addressed.

  • You will be able to discuss penalties for noncompliance
  • 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

This webcast will be of a valuable assistance to the below audience.

  • 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

ENROLLMENT OPTIONS

On Demand
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Dr. Gina J. Lowdermilk, PhD (ABD), CAMS, CRMS is a qualified BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, int Know More

Dr. Gina J. Lowdermilk