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Event Name:Regulation Z - Open-End Credit Rules
Date:Tuesday, October 23, 2018 1:30pm CDT
Presented By:BankWebinars.com
Panelist(s) Info: Jack Holzknecht  (Bio)

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 42 years. In 37 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.

Price:$265.00
Credits:2.5 CE Credit
Description:

What?
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.

Why?
Most banks offer one or more forms of open-end consumer credit. While open-end credit is a very convenient form of credit for both the borrower and for the creditor. simple mistakes may result in substantial problems. This program provides a thorough explanation of the basic rules for open-end credit.

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; 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.