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FCRA Compliance: METRO 2® CRRG Updates and Bankruptcy Furnishing Review - Webinar

  • ID: 4515213
  • Webinar
  • May 2018
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
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Understand your potential legal risk and compliance obligations with respect to consumer credit reporting.

Topic Overview

The topic will focus on a review of new industry guidance and reporting requirement changes resulting from the Credit Reporting Resource Guide 2018 annual update. Discussion will also focus on a deep dive into bankruptcy furnishing, challenges, best practices and alternative reporting approaches that organizations may consider. This material will help departments responsible for furnishing data to Consumer Reporting Agencies (CRAs) understand the Metro 2 format in more detail and how to avoid common pitfalls and mistakes during the furnishing process.

Many financial institutions that furnish consumer credit information to CRAs experience challenges in furnishing data in the industry standard Metro 2 format. There are many common pitfalls and mistakes that can occur when furnishing data to CRAs, with bankruptcy being a complex topic. The consequences for furnishing without accuracy and integrity can be severe. Changing industry guidance and requirements also requires organizations to reevaluate furnishing practices to stay compliant with furnishing expectations.

Failing to provide accurate data submissions to the CRAs under the Federal Credit Reporting Act (FCRA) and other Federal Consumer Finance laws can result in severe penalties. This information is critical for persons responsible for furnishing data to CRAs so they can ensure their submissions are accurate and in compliance with the FCRA.

Navigant has extensive experience assisting organizations of varying sizes across multiple industries and product types. As the furnishing functionality of institutions continues to mature following regulatory focus and scrutiny, the challenges that companies face will become increasingly more specific as broader systemic issues are identified and remediated. This has shown to be the case with bankruptcy furnishing.

Learning Objectives
  • You will be able to review major sections of the law and applicable regulations.
  • You will be able to discuss the Credit Reporting Resource Guide (CRRG) updates.
  • You will be able to describe furnishing, approaches and concerns of bankruptcy.
  • You will be able to recognize best practices for enhancing compliance with FCRA.
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1. Introduction and FCRA Overview
  • Major Sections of the Law/Applicable Regulations
  • FCRA 611 - Responsibilities of CRAs
  • FCRA 623 - Responsibilities of Furnishers
  • 1022 Appendix E - Regulatory Expectations for Policies and Procedures
  • Brief Furnishing Overview
  • Credit Reporting Life Cycle
  • Accuracy and Integrity
  • Common Reporting Mistakes and Issues
2. 2018 Credit Reporting Resource Guide Updates
  • Review of Changes From 2017 CRRG
  • Key Points to Consider
3. Bankruptcy - Furnishing Approaches and Concerns
  • Typical Pain Points/Bankruptcy Furnishing Challenges
  • Industry Specific Observations
  • 5 Scenarios/Use Cases to Walk Through
  • Sample BK Issues and Resolution Topics
  • Best Practices
4. Q and A
  • Questions on Topics Discussed
5. Action Steps/Best Practices for Enhancing Compliance With FCRA
  • Compliance Monitoring System (CMS) Integration
  • FCRA Framework
  • Monitoring and Controls
  • Issue Identification, Root Cause Analysis and Remediation
  • Policies and Procedures
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David King - Navigant Consulting, Inc., Beji Varghese - Navigant Consulting, Inc., T. Tabb Wyllie - Navigant Consulting, Inc.
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This webinar is designed for presidents, vice presidents, attorneys, branch managers, loan officers, compliance officers, loan department personnel, credit and collection managers, and accountants.
Note: Product cover images may vary from those shown