Open-End Credit Rules-Most Common Issues Webinar

During 2009 and 2010, Congress and the Federal Reserve Board made massive changes to the Regulation Z rules that regulate open-end credit. Since that time the Consumer Financial Protection Bureau (CFPB) inherited the regulation and has not made any additional changes to the rules. But questions and problems continue to plague those who offer open-end credit. By following basic procedures these concerns can be eliminated.

The rules for open-end credit require action before, during and after opening an account. Disclosures are required when opening an account, for each billing cycle and when changes are made. There are very specific rules for resolving errors. Specific guidance is provided for applying payments and for handling credits.

Open-end credit can be secured or unsecured. The credit may be accessed by card, check or by other means. Disclosure and other rules vary depending on the method of access and the presence and nature of collateral. Disclosures tend to come from more than one source, for example loan origination software and core accounting systems. Often errors occur because the set up of the two systems lack consistency.

Errors can result in civil liability, enforcement actions and reimbursements. Damages are often substantial because errors tend to systematic errors, where the system makes the same error on a consistent basis.

This two-hour program focuses on the basic rules for open-end credit. If a financial institution offers any form of open-end consumer credit staff members need to understand the basic rules that govern the product.

Covered Topics

  • What is Open-End Credit;
  • Coverage and Exemption rules;
  • General Disclosure Requirements;
  • Account Opening Disclosures;
  • Periodic Statements;
  • Subsequent Disclosure Requirements;
  • Treatment of Credit Balances;
  • Special Rules Related to Credit Cards; and
  • Billing Error Resolution

Who Should Attend?

The program is designed for management of the loan department, Compliance Officers, lenders, processors, marketing staff and auditors

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.

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Related Topics

Instructor

Jack Holzknecht
Jack Holzknecht

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 45 years. In 40 years as a trainer over 150,000 bankers (and many examiners) have part... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
Open-End Credit Rules-Most Common Issues0.25 Any AnyWebinarSix Month On-Demand Recording Jack Holzknecht$295.00 Register Now
Open-End Credit Rules-Most Common Issues0.25 Any AnyWebinarCD-ROM Video Recording Jack Holzknecht$345.00 Register Now
Delivery Options

LIVE WEBINAR:
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. 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 an effective training tool. The weblink will be available to you (and anyone else in the company) for up to 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.

CD-ROM VIDEO:
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 the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

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