Collection compliance issues have increased. Although every credit union knows it is unlawful to engage in unfair, deceptive, or abusive acts or practices (UDAAP), what constitutes a UDAAP violation is often unclear. In 2013, the CFPB issued a guidance intended to clarify UDAAP violations related to collection of consumer debts. This guidance has expanded the coverage of the Fair Debt Collection Practices Act (FDCPA) to credit unions collecting their own debt. Previously, a creditor collecting its own debt was exempt from the FDCPA rules. The guidance basically imposes the FDCPA rules on creditors and suggests that not following these rules will constitute a UDAAP violation.
The Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA) require credit unions to ensure the accuracy of information furnished to consumer reporting agencies and to notify consumers how slow payments will affect their credit scores. The regulators are now claiming that some creditors are going well beyond the FCRA and FACTA requirements, resulting in a UDAAP violation. This webinar will explain proper consumer collection procedures and proper reporting to consumer credit agencies.
- Applicable standards for what constitutes UDAAP
- Ten examples of collection activity that regulators will be watching closely
- Summary of the FDCPA rules
- Examples of FDCPA violations in the collection process
- Summary of the FCRA and FACTA rules
- Proper reporting to consumer credit agencies
- Examples of how creditors have gone “too far” in the collection process
- How to avoid these problems?
- TAKE-AWAY TOOLKIT
- CFPB Bulletins titled “Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts” and “Representations Regarding Effect of Debt Payments on Credit Reports and Scores”
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND?
This informative session is designed for consumer loan officers at all levels, loan operations personnel, credit administration staff, collectors, compliance officers, attorneys, managers, and others involved in the collection process.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.