In order to protect our firms, we have to keep up with the current regulatory events in case anything changes. We need to know the current requirements, the necessary formats (i.e., for providing account- and consumer-level information) and sending them to the credit reporting agencies who require a constant review of the changes by data furnishers.
Whether you report to one or all four National Credit Reporting Agencies (NCRA), you must follow the Fair Credit Reporting Act (FCRA), the Fair & Accurate Credit Transaction Act (FACTA) amendment, and the new Consumer Financial Protection Bureau (CFPB) standards. It's not so much what you know as it is re-polluting the consumer's file with some key points that can cost your Financial Institution a lot of money!
Understanding reporting requirements keep an organization free and clear of regulatory authorities and provide a control of risks in the environment. There have been recent changes that can impact your role and responsibilities. Not being informed can create a risk that you do not want to take. We will go over all these details and more during this webinar.
This webinar by industry expert speaker, Justin Muscolino will go over the elements of Metro 2 e-OSCAR and the FCRA CFPB requirements. As always, updates to rules and regulations occur, and you need to be informed of recent changes. Justin will go over all these details and more during this webinar.
This session aims to help develop proper credit policies and procedures for compliance with Federal regulations. The webinar will cover E-OSCAR (Electronic-Online Solution for Complete and Accurate Reporting), a CFPB requirement, along with discussing the advantages and disadvantages of using the METRO or METRO-2 format and any federal requirements.
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