Please join us for our next Compliance School Class covering consumer lending regulations. This all day class will cover the following topics:
- Truth in Lending: This law requires full and accurate disclosures of credit terms. We will cover the following sections of Reg Z:
- Consumer lines of credit (excluding HELOCs)
- Credit Cards
- Closed-end consumer loans (excluding mortgages) **We’ll cover mortgages and HELOC rules during the August class**
- Equal Credit Opportunity: Credit unions cannot discriminate on a prohibited basis regarding any aspect of a credit transaction. You “discriminate” whenever you treat any person less favorably than others. We will discuss what you need to do to comply with this law.
- Servicemember’s Civil Relief Act: Special lending rules apply to men and women in the armed forces. Failure to comply with this law could result in regulatory fines, and major damage to your credit union’s reputation.
- Fair Credit Report Act: Whew! This is a big one. This law governs the treatment of member information by credit reporting agencies and the use of this information by financial institutions. The passage of the Fair and Accurate Credit Transaction Act (FACTA) added even more requirements. From identity theft to use of medical information, there is a lot you need to know.