Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual
MP3 Download

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

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.

Runtime: 97 minutes
Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

  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

    1. 2018 Credit Reporting Resource Guide Updates
      • Review of Changes From 2017 CRRG
      • Key Points to Consider
      1. 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
      2. Q and A
        • Questions on Topics Discussed
      3. 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
Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 17, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

No photo available

John DelPonti

Navigant Consulting, Inc.

  • Managing Director in the Consumer Finance Practice of Navigant Consulting, Inc. based in Charlotte, NC
  • More than 25 years of experience in mortgage, consumer and finance banking, distressed workouts, capital markets operations, loan valuation and restructuring, portfolio asset management, financial due diligence, post-merger integration, lending best practices, mortgage servicing reviews, and risk management including bank (OCC/OTS/FDIC/CFPB) regulatory and compliance management
  • Currently leading bank work on FCRA related reviews from both a regulatory (CFPB focus) and Metro 2 guideline perspective
  • Can be contacted at 704-347-7650 or john.delponti@navigant.com
Beji Varghese

Beji Varghese

Navigant Consulting, Inc.

  • Managing Director in the Banking, Insurance and Capital Markets practice of Navigant Consulting, Inc. based in the Charlotte, NC office
  • Managed multiple FCRA projects for Consumer Finance companies, including remediation engagements, assisting with regulatory response and preparation for exams related to FCRA
  • Actively involved with multiple regulatory matters including assisting clients respond to regulatory requests around mortgage servicing, FCRA and UDAAP
  • Oversaw the implementation of multiple HMDA projects include several re-statements projects
  • Written several articles around Mortgage servicing and has been a speaker with the MBA on regulatory compliance matters
  • Prior to joining Navigant, he was COO of a specialty residential mortgage servicer, where he was responsible for the firm’s infrastructure, operations and servicing system performance
T. Tabb Wyllie

T. Tabb Wyllie

Navigant Consulting, Inc.

  • Associate Director in the Banking, Insurance and Capital Markets practice based out of Navigant Consulting, Inc.’s New York City office
  • Has led multiple FCRA and credit reporting focused engagements including current state assessments, remediation efforts, furnishing system development and targeted reporting enhancement projects
  • In addition to helping clients develop or improve furnishing functions, he has performed credit reporting furnishing reviews focused on bankruptcy reporting and assisted clients establish FCRA governance frameworks
  • Deep experience assisting major financial institutions prepare for and respond to regulatory examinations across servicing and origination lending functions; Leads engagements for loan servicing gap analysis reviews, project management assistance, and regulatory compliance and exam preparedness
  • Prior to Navigant he worked for KPMG LLP where he was a member of the Risk Consulting practice
  • Holds a Certified Information Systems Auditor (CISA) designation, Certified Scrum Master (CSM), and CDIA Certificate for Data Furnishers
Purchase Options

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 401724
Published 2018
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!