Compliance Issues From The Economic Growth, Regulatory Relief and Consumer Protection Act Webinar
This two-hour long program focuses on the compliance aspects of the new law, with particular emphasis on the provisions that were immediately effective or which are effective in the near future. While the program focuses on selected provisions of the law, program participants receive a comprehensive manual that reviews every section of EGRRCPA. The manual will be used again and again as the provisions of the new law are implemented over the new few years.
Webinar Description and Intended Audience
The president signed the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) on May 24, 2018. The new law is massive. Certain provisions were effective upon signature of the president. Others provisions will become effective in periods ranging from 30 days to three years.
While EGRRCPA provides regulatory relief in some areas, such as the Home Mortgage Disclosure Act and the Truth in Lending Act, it increases the burden in other areas, such as reinstating the Protecting Tenants at Foreclosure Act.
Above all EGRRCPA makes changes. Changes, whether positive or negative, increase the burden for all institutions, at least in the near term. Required actions include revising policies and procedures, revising systems, and training employees.
Don’t miss this program. The EGRRCPA offers immediate relief for those taking immediate action.
This two-hour long program focuses on the compliance aspects of the new law, with particular emphasis on the provisions that were immediately effective or which are effective in the near future.
While the program focuses on selected provisions of the law, program participants receive a comprehensive manual that reviews every section of EGRRCPA. The manual will be used again and again as the provisions of the new law are implemented over the new few years.
- Provide partial relief from the expanded HMDA disclosures, which were added to Regulation C effective January 1, 2018, for small volume originators (fewer than 500 closed end/500 open-end loans for each of previous two years). Institutions with “Needs to improve” or “Substantial non-compliance” CRA ratings are not eligible for the relief;
- Provide a TILA escrow exception for banks with under $10 billion in assets originating 1000 or fewer first lien principal dwelling loans;
- Provide qualified mortgage status for most mortgages held in portfolio for banks with less than $10 billion in assets;
- Eliminate the three-day TRID delay if a creditor extends a second offer of credit with a lower annual percentage rate;
- Provide relief from appraisal requirements for smaller mortgages and for properties located in rural areas;
- Make opening new accounts and engaging in transactions online easier by authorizing the use of scanned driver’s licenses to meet identity verification requirements;
- Require the Social Security Administration to create a new database containing people’s names, dates of birth, and social security numbers, for use in responding to identity-verification requests as one step to combat “synthetic identity fraud;”
- Require the Department of Veterans Affairs to establish regulations to implement the provisions designed to ensure that financial institutions that offer to refinance a veteran’s residence demonstrate there will be a “net tangible benefit,” (i.e., the refinancing is in the financial interest of the borrower);
- Require the Department of Veterans Affairs to establish a database (within one year) to allow consumer reporting agencies to verify veterans’ medical debts;
- Amend the Fair Credit Reporting Act rules regarding security freezes;
- Provides immunity from liability for disclosing the suspected exploitation of a senior citizen to a covered agency to financial institutions, and to certain employees;
- Require the CFPB to write regulations to apply ability to repay standards to making Property Assessed Clean Energy loans (PACE loans);
- Provide for longer exam cycles for community banks; and
- Protect veteran’s credit;
- Protect veterans from predatory lending; and
- Permanently reinstates the Protecting Tenants at Foreclosure Act, which had expired on December 21, 2014.
Who Should Attend?
The program is designed for the Board of Directors, Senior Management, Compliance Officers, Auditors, and others with responsibilities related to implementation of the compliance provisions contained in EGRRCPA.
Webinar Viewing Options
INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK! With this option, you will participate in the webinar live, via the internet. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.