The Fair Credit Reporting Act (“FCRA”) governs the collection, assembly, and use of consumer report information and provides the framework for the credit reporting system in the United States. The FCRA regulates the practices of consumer reporting agencies (“CRAs”) that collect and compile consumer information into consumer reports for use by credit grantors, insurance companies, employers, landlords, and other entities in making eligibility decisions affecting consumers. Information included in consumer reports generally may include consumers’ credit history and payment patterns, as well as demographic and identifying information and public record information (e.g., arrests, judgments, and bankruptcies). Consumer report information may be used by entities to predict the risk of future nonpayment, default, or other adverse events. This webinar will offer insight into ensuring your institution is compliant with FCRA requirements and how to build a successful program. 

The increased scrutiny of examiners and regulators regarding FCRA requires financial institutions to increase their oversight efforts. Non-compliance with FCRA requirements increases risk exposure of financial institutions failing to protect consumers. As a result, financial institutions can experience negative implications affecting them both reputationally and financially. FCRA has undergone some recent enhancements, and it’s now more important than ever those financial institutions ensure they are implementing the appropriate tools to ensure they are compliant with FCRA rules and regulations. Learning Objectives:

·         Define what FCRA is

·         Identify operations and activities that have FCRA implications

·         Tips and suggestions for an effective FCRA program

·         How to effectively audit FCRA activities

·         Maintaining FCRA compliance