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#1409259 - 06/29/10 04:34 AM FACT ACT - Direct Dispute Notice
banker-12 Offline
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Joined: May 2007
Posts: 1,168
After we receive the direct dispute notice, do we have 30 days to investigate just like we do for disputes received through the CRA?

Do we have to provide notice to the consumer of the outcome of the investigation? Is it 5 business days like it is for a frivolous or irrelevant dispute?

thanks,

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#1409313 - 06/29/10 01:35 PM Re: FACT ACT - Direct Dispute Notice banker-12
MyBrainHurts Offline
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Joined: Feb 2010
Posts: 960
Illinois
You have 30 days to investigate, unless the customer provides new info during the investigation, in which case you get another 15 days. You have to also respond to the customer during that time period.
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#1409338 - 06/29/10 02:15 PM Re: FACT ACT - Direct Dispute Notice MyBrainHurts
banker-12 Offline
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Joined: May 2007
Posts: 1,168
Do we need to respond to the customer in writing?

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#1409385 - 06/29/10 03:27 PM Re: FACT ACT - Direct Dispute Notice banker-12
MyBrainHurts Offline
Platinum Poster
Joined: Feb 2010
Posts: 960
Illinois
I could be missing it, but as far as I can see, it just says notify the customer. Doesn't say how. The five day frivolous notice is supposed to be mailed, but I can't find anything on the method of delivering the notice if the customer was right.
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#1410561 - 07/01/10 02:16 PM Re: FACT ACT - Direct Dispute Notice MyBrainHurts
Soccer Offline
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Joined: Jan 2010
Posts: 995
Utopia
Does anyone have a Direct Dispute Form they have developed that they would be willing to share?
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#1410622 - 07/01/10 03:24 PM Re: FACT ACT - Direct Dispute Notice Soccer
2old2care Offline
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Joined: Oct 2006
Posts: 702
PA
soccer - pm me and I will send what I have.

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#1410749 - 07/01/10 05:54 PM Re: FACT ACT - Consumer Report Investigation banker-12
deh Offline
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Joined: Mar 2006
Posts: 866
Where do I find the requirements for this new Final ruling? I have been to the FTC site and couldn't find anything really helpful. I searched and found the link below.

31484 Federal Register / Vol. 74, No. 125 / Wednesday, July 1, 2009 / Rules and Regulations

So in a nut shell what do we have to do as a financial organization to give notice that we can now be contacted for direct disputes?

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#1410756 - 07/01/10 06:02 PM Re: FACT ACT - Consumer Report Investigation deh
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
To my knowledge you don't have to actually tell anyone "Hey we will investigate your disputes now." The requirement is that you have to investigate if they give you written notice (instead of what we could do before by telling them to dispute it through the CRAs).

The caveat would be if you want to have all direct disputes directed to a central address. You have to notify your customers of that address via the CRA and another direct notification of your choosing. Most people I have talked to are not stipulating a central address for receiving direct disputes, but simply writing in their procedures that disputes can be delivered to any of the bank's branches and the branch will forward to the person/dept in charge of investigating.
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#1411069 - 07/01/10 10:51 PM Re: FACT ACT - Direct Dispute Notice 2old2care
Runnin' on Empty Offline
100 Club
Joined: Aug 2002
Posts: 149
If you don't mind, plesae share that Direct Dispute Notice with me too.

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#1411154 - 07/02/10 12:46 PM Re: FACT ACT - Direct Dispute Notice 2old2care
linda fox Offline
100 Club
Joined: Apr 2002
Posts: 106
I would appreciate receiving a copy of your dispute notice. thanks you.

Linda.Fox@bankatfirst.com

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#1411365 - 07/02/10 03:09 PM Re: FACT ACT - Direct Dispute Notice 2old2care
Chris B. Offline
New Poster
Joined: Dec 2009
Posts: 1
If you wouldn't mind, I would also like to have a copy of your form. Thanks.

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#1415487 - 07/15/10 05:52 PM Re: FACT ACT - Consumer Report Investigation deh
dg Offline
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Joined: Jan 2005
Posts: 811
Pacific NW
deh: Did you ever find a resource of information on the new ruling? I have been to the FTC the FDIC and so on too and cannot find any guidance.

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#1416314 - 07/16/10 09:08 PM Re: FACT ACT - Consumer Report Investigation dg
Deena Offline
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Deena
Joined: Nov 2000
Posts: 2,701
PA
Here's a link to the reg. Check out Subpart E.
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#1417448 - 07/20/10 05:56 PM Re: FACT ACT - Consumer Report Investigation Deena
Bagweaver Offline
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Joined: Nov 2005
Posts: 2,409
SW GA
Have I missed what the retention period for disputes is?
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#1417945 - 07/21/10 03:59 PM Re: FACT ACT - Consumer Report Investigation Bagweaver
BSAguy Offline
Gold Star
Joined: Aug 2007
Posts: 262
Kansas
I couldn't find any retention period for disputes either. We settled on 5 years.

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#1418384 - 07/22/10 12:45 PM Re: FACT ACT - Consumer Report Investigation BSAguy
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 75,723
Galveston, TX
Five years is probably a good choice:

618. Jurisdiction of courts; limitation of actions [15 U.S.C. 1681p]
An action to enforce any liability created under this title may be brought in any appropriate United States district court, without regard to the amount in controversy, or in any other court of competent jurisdiction, not later than the earlier of (1) 2 years after the date of discovery by the plaintiff of the violation that is the basis for such liability; or (2) 5 years after the date on which the violation that is the basis for such liability occurs.
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