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Why the New Risk-Based Pricing Rules Are More Important Than You Think
Webinar
11 AM CT
Presenter(s): Kenneth Agle
Duration: 1 hour
Pricing:
Live, Digital Download or CD
combos available for an additional $50
$299 - (full-price, no discount)
$249 - (for Affiliation Members)
The new risk-based pricing rules that were effective January 1, 2011 play a more expansive role than you might think. These rules, provided under the Fair Credit Reporting ACT (FCRA), also require a firm understanding of the Fair and Accurate Credit Transaction Act (FACT Act) and of the interplay with other fair lending requirements. You need to fully comprehend the fundamental requirements as well as the far reaching effects on your other compliance programs and fair lending practices.
During this webinar session, you will learn:
- What the rules and notices require, including: risk-based pricing rules and notices; accuracy rules for consumer credit report usage; alerts, red flags, rights notices; and requirements for users and furnishers of consumer credit reports
- What your lending personnel need training on
- How to avoid technical violations due to not understanding terms and definitions
- How the changes affect web-based pricing, marketing, internal promotions and fair lending
We’ll also consider the implications for other compliance areas, including:
- Why determining loan purpose is important for not only FCRA purposes but for other regulatory reasons
- Understanding the relationship among the FCRA notification matrix, the pricing matrix and other required notification methods
- How this new FCRA section will further the discussion on pricing outcome on fair lending
- How you can take steps now to enhance your fair lending
- How the rule will affect almost every institution regardless of size and strategic lending focus
Attendees will receive sample notices, training materials, and an audit guide for evaluating your institution’s risk and completing an assessment of performance.
BIO: Kenneth Agle
As President/CEO of Counter Risk Group, Mr. Agle brings over 20 years of banking experience covering numerous facets of banking operations. Mr. Agle specializes in strategic regulatory response and in developing and implementing both proactive and reactive tools and systems to preempt and resolve issues affecting today’s financial institution. Prior to launching his own consulting firm, Mr. Agle had been a bank examiner with the FDIC. As a commissioned examiner, Mr. Agle was principally involved in numerous examinations, including Safety and Soundness, Compliance, BSA, IT and Trust.
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