Adverse Action Notice: What To Do and When To Do It 2021 | Professional Bank Services | 16 December 2021 | Webinar

This webinar is loaded with practical answers and clear guidance. You’ll learn when an application is complete, when to send a notice to the customer and what to say in the notice. You’ll also learn the differences between the notices required under the Fair Credit Reporting Act (FCRA) and the Equal Credit Opportunity Act (ECOA) and what you should do when the denial reasons are due to items in the consumer’s credit report or the consumer’s credit score. We’ll also review the HMDA requirements to report the reasons for denial.

Here is what you will learn:
• What is the definition of adverse action?
• When is an application complete?
• How many reasons for denial should you give?
• What are common errors in completing adverse action notices?
• What are the requirements for incomplete applications?
• How do you properly document withdrawn applications?
• What is the best approach in handling counteroffers?
• What are the timing requirements for denials under Regulation B?
• What if the denial reason came from the credit report or the credit score?
• What should you do if the borrower or co-borrower, or both, has bad credit or bad credit scores? Who gets the notice?
• What is the difference between the FCRA and ECOA notices?
• Is it important to conduct a second level review of adverse action notices for fair lending purposes?

2021 Speakers

PRESENTER:

Anetria Cohen
Vice President, ProBank Austin