"My favorite part of attending ICBA Institutes is connecting with peers from other institutions. I look forward to future events knowing familiar faces will be there, and while the training is always excellent, it’s the networking that keeps me coming back."
-McKenzie Humpal, VP Compliance Officer at First Citizens Bank in Iowa
"Through ICBA, I earned the CCBIA, CBAP, and CCBCO designations, each enhancing my role at different stages of my career. Each designation provided valuable resources and insights that improved my expertise in these areas."
-Michael Hoehn, Assistant Compliance Officer and CRA Officer at First Metro Bank in Muscle Shoals, Alabama.
"The Fraud Seminar was excellent and very informative. I got a lot of resources that will help in our FI. Great tools."
-Donna Franklin, AmeriState Bank, Atoka, Ohio
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The Fair Credit Reporting Act (FCRA) became effective on April 25,
1971. The FCRA contains responsibilities both for entities that are
consumer reporting agencies, for entities that procure and use
information found in consumer reports and furnishers and transmitters
of information.
Congress substantively amended the FCRA upon the passage of the Fair
and Accurate Credit Transactions Act of 2003 (FACT Act). The FACT Act
created many new responsibilities for consumer reporting agencies and
users of consumer reports. It contained many new consumer disclosure
requirements as well as provisions to address identity theft.
The Dodd-Frank Act also amended two provisions of the FCRA to require
the disclosure of a credit score and related information when a credit
score is used in taking an adverse action or in risk-based pricing. In
this course we will provide an overview to the many parts contained
within the Fair Credit Reporting Act (FCRA) as implemented under
Regulation V by the Consumer Financial Protection Bureau.
Learning Objectives:
Know when it is permissible to pull a consumer report
Use the knowledge of medical information in a compliant manner
Report accurate information to the credit reporting agencies
Provide appropriate disclosures to consumer applicants
Ensure your bank has an Identity Theft Prevention Program in place
Comply with all requirements under the FCRA
Course Outline:
Obtaining Consumer Reports
Medical Information
Furnishing Information
Risk Based Pricing
Identity Theft Prevention
Miscellaneous
Rev–Oct. 2021. Course length ≈ 30 minutes. This course is worth
0.5 CPE credits.
