Program Description:
The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the CARD Act) makes even more changes to Reg. Z. There have been a couple critical misconceptions involving this law:
- Since the law impacts only credit card accounts, and since we don't offer credit cards, we don't have to worry about it, right? Wrong - there are provisions in the Act that affect ALL types of open-end credit, not just credit cards.
- The law takes effect next year sometime, in July or August, right? Again unfortunately no. The CARD Act's provisions are effective in 3 separate stages, with the first being August 20, 2009, meaning soon!
These rules mandate that consumer receive 45 days' advance notice of certain interest rate increases and what the Fed labels "significant changes in terms," and that consumers have adequate time to make their payments after receiving their periodic statement. This second requirements apply open-end credit plans such as home equity lines of credit and signature lines, as well as credit cards.
This 2-Hour Webinar Covers:
- What types of lines are covered by each part of the new rules
- Ensuring "reasonable procedures" that periodic statements are mailed or delivered at least 21 days prior to the payment due date and the date on which any grace period expires
- How to treat late payments if this provision is violated
- What does the payment due date mean exactly?
- Inclusion of a grace period
- What type of change-in-terms notice is needed, and what are the new timeframes?
- What does a "significant change in terms" mean?
- What does the notice have to say?
- Consumer rejection, or opt-out, provisions and what to do if they are exercised
Who Should Attend:
Compliance officers, those involved in operations, loan officers, auditors, counsel, and any others who must deal with credit cards or other covered open-end credit plans will benefit from this session.
Presenter:
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Vice President and Compliance Manager for a large financial institution in Ohio. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
|
