Jack Holzknecht and Mary Beth Guard
The bank regulatory agencies recently issued final regulations that implement Section 214 of the Fair and Accurate Credit Transaction Act (FACT Act). The new rules prohibit a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice and a reasonable opportunity and a reasonable and simple method to opt out of the making of such solicitations.
An affiliate includes any person related to a company by common ownership or affiliated by corporate control. Every financial institution must identify its affiliates. Then it should review its current sharing practices with affiliates and determine if such sharing will require an opt-out notice in the future. Then it must either modify its sharing practices to avoid coverage or establish an effective program to assure compliance with all of the requirements of the new regulations.
Violations of the Fair Credit Reporting Act may result in liability. Building a proper program to assure compliance with the new rules helps limit the liability. This two-hour program provides the information needed to build a successful program. Participants receive a detailed manual that explains all of the new provisions.
Upon completion of the two-hour program participants understand:
Who is and who is not an affiliate;
When an opt-out is required;
The content of an opt-out notice;
What is considered a reasonable opportunity to opt out;
The timing and duration of an opt-out notice;
The rules regarding the renewal of an opt out;
How to establish an effective program to ensure proper sharing of information with affiliates.
The program is designed for compliance officers, auditors, security officers, and operation personnel.
10 MINUTE SAMPLE
(requires Windows Media Player and IE).
About the speakers:
Holzknecht is a principal with Pegasus Educational Services, LLC, a training
firm headquartered in Louisville, Kentucky. He is an experienced consultant who
has provided training to thousands of bankers and examiners for 22 years. He has
the ability to identify the key compliance issues from each regulation. Jack's
career began in 1976 as a federal bank examiner. He later headed the form and
software and education divisions of a regional consulting company. In that
capacity he developed loan and deposit form systems and software. He also
developed and presented training programs that were delivered to bankers in 43
states. Jack has been an instructor at compliance schools presented by the
Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers
associations. He developed and delivered compliance training for the FDIC and
OTS for ten years. He is a Certified Regulatory Compliance Manager and a member
of the National Speakers Association. He is also a "BOL Guru" and frequently
answers compliance questions sent to "Bankers' Threads."
Mary Beth Guard
currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group,
Inc., Mary Beth has had a long and distinguished career, graduating from law
school in 1980. She has focused her work exclusively on the banking industry
since 1984. Previously, Mary Beth served as EVP/General Counsel and COO for the
Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial
Publishing, and General Counsel for the Oklahoma State Banking Department. Mary
Beth is on the advisory board for Bankers' Hotline and Compliance Action, as
well as on the editorial board for ABA Bank Compliance magazine. She has
presented training programs for virtually every major national financial
industry association, as well as more than a dozen state bankers associations
and a host of other organizations. In addition, Mary Beth has written more than
a thousand banking-related articles and is a BOL Guru.
This program was recorded in its entirety in December 2007. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.
This product was added to our catalog on Thursday 18 October, 2007.