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Dealing with Adverse Action: What to Do & When to Do It

Date: October 23, 2013

Time: 3:00pm - 4:30pm

Location: Webinar

[REGISTRATION INFORMATION]

Wednesday, October 23, 2013

3:00 pm – 4:30 pm

Proper adverse action notification is a compliance requirement that has to be done correctly. Accurate completion of adverse action notices is important for several reasons:

  1. Their accuracy and timeliness are reviewed during compliance exams
  2. Adverse action notices are the cornerstone of fair lending examinations
  3. Inconsistent, inaccurate notices could result in the credit union being required to go back six months, review past notices, and resend accurate denial notices.  (Imagine the reaction of a past, unsuccessful borrower who receives a reminder denial notice!)

This webinar will cover the important issues of proper, timely handling of denial notices in accordance with Regulation B. In addition, it will address how to include denials in the sample for your internal comparative file review for fair lending compliance.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

    • Timing requirements of Regulation B for denials
    • Inquiry versus application (when an inquiry becomes an application)
    • Special considerations for commercial denials
    • FACT Act requirements for denial notices
    • Common errors in completing adverse action notices
    • Requirements for incomplete and withdrawn applications
    • How to appropriately document withdrawn applications
    • Handling counteroffers
    • Second reviews of adverse action notices for fair lending purposes
    • Comparative file review for fair lending on denials
  • TAKE-AWAY TOOLKIT
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is necessary for all loan officers, loan processors responsible for denials, compliance officers, and auditors.