Compliance Training - Consumer Loans

During this session of Compliance School, we will cover laws and regulations that govern consumer lending:

  • 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.
  • Truth in Lending: This law requires full and accurate disclosures of credit terms. We will cover the following sections of Reg Z:
    • Definitions
    • Consumer lines of credit (excluding HELOCs)
    • Credit Cards
    • Closed-end consumer loans (excluding mortgages)
    • Private Education Loans

**We’ll cover mortgages and HELOC rules during the August class**

  • Fair Credit Reporting 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.
  • 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.
  • Military Lending Act: We will be covering the Military Lending Act and how it applies to credit union operations including:
    • Covered borrowers and covered transactions
    • Definition of the Military Annual Percentage Rate (MAPR) and how to calculate it
    • Required disclosures
    • Contract prohibitions
    • Special rules for credit cards

Register for event

date

Thu, Jun 28, 2018 9:00 AM to 4:00 PM

contact

mp@utahscreditunions.org
(801) 972-3400