Attend the Fair and Accurate Credit Transaction Act (FACTA) eSchool to learn more about the newest amendment to the Fair Credit Reporting Act (FCRA).

During this eSchool, you will learn the new components to the amendment and examine how they will impact your credit union.

The FACTA is an amendment to the FCRA. The FCRA was designed to promote accuracy and ensure the privacy of the information used in consumer reports. The FCRA and its regulations apply to consumer reporting agencies (CRA) and anyone who furnishes or uses the consumer information provided to CRAs.

The FCRA governs when a credit union can obtain a consumer report, the permissible uses of such reports, prescreened solicitations, the accuracy of information furnished to consumer reporting agencies, responding to consumer disputes regarding the information contained in consumer reports and much more.

Attend this eSchool live on September 27, 2010

Access this archived webinar

Fair Credit Reporting, Consumer Reports & Basics Every Credit Union Needs to Know

The following credit report questions will be answered:

• What constitutes a permissible purpose?
• Do you need a signature on a loan application before pulling credit?
• What can you do with the information once you get it, especially medical information, sharing with affiliates and prescreens?
• When should you provide an adverse action notice?
• What are the special rules for pulling credit reports on a prospective or current employee?

Furnishing Information to a Credit Reporting Agency

• Determine what your credit union's policies and procedures should contain to ensure the accuracy and integrity of information furnished to consumer reporting agencies
• Learn what to do when you receive a dispute notice from a consumer reporting agency
• Establish how to respond to direct disputes from consumers regarding the accuracy of information in consumer reports
• Discuss when you should provide consumers with a negative information notice

Rules Addressing Fraud & Identity Theft

• Explore address discrepancies
• Learn the requirements for address changes and plastic cards
• Examine fraud and identity theft alerts
• Discover how to handle identity theft red flags
• Maintain proper disposal system for your records

Risk Based Pricing Notices

• Review the model notices
• Learn when to provide the risk based pricing notice
• Discuss alternative methods for determining who should receive the notice review and the model notices
• Determine what to include in the model notice
• Establish the proper timeframe for providing the notice and determine which situations do not require a notice to be provided

This eSchool will provide valuable information for your credit union’s compliance, lending and operations staff members.

Affiliation with CUNA/League is required for attendance.

Valerie Moss

Valerie is director of compliance information for CUNA Regulatory Affairs in the Washington, DC office. Valerie works closely with CUNA’s Publications and Web Services Departments to deliver useful and accurate compliance information in a user-friendly format to CUNA’s members. She is the editor of both Credit Union Magazine’s Compliance Matters and CUNA’s e-Guide to Federal Laws and Regulations.



Mary-Lou Heighes, CUCE

Mary-Lou has been involved in the credit union movement since 1989. She has been involved in all areas of credit union operations: general operations, marketing, collections, lending and compliance. She is a CUNA Certified Credit Union Compliance Expert (CUCE) and is president of Compliance Plus, Inc., which provides strategic planning, training, compliance and consulting services to credit unions. Mary-Lou was the senior research and information consultant for the California/Nevada Credit Union League for seven years and since founding her company in 2000, has provided training for credit unions and leagues around the country. Prior to her tenure at the league, she spent five years in the credit union trenches.

The last day for cancellations was October 31, 2010. Substitutions are accepted anytime prior to November 1, 2010 at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing.