The CFPB Ruling, UDAP & Collecting Past Due Accounts
Managing your bank’s slow pays just got tougher! This webinar will discuss the new CFPB rule regarding First Party Collectors. It will also cover best practices, collection skills, and updating your policy and procedures.
The Consumer Financial Protection Bureau (CFPB) issued a new rule that addresses how Banks (First Party Collectors) collect past due accounts. This webinar will discuss the new rule including, the hurdles you can expect to jump through regarding Unfair, Deceptive or Abusive Practices (UDAP) and their examples of practices to avoid that resemble third party collector requirements.
We will spend time discussing collection skills, being consistent, and updating your policy and procedures to handle the changes coming your way. Additionally, we will highlight red flags and offer tips on identifying loans before they become delinquent. Best practices, examples of collection letters, instructions for reporting adverse consumer information and scripts that really work when used at the right time in the collection process will be provided.
- Overview of Credit and Collections
- Fair Credit Reporting Act (FCRA) / Fair and Accurate Credit Transaction Act (FACTA)
- Fair Debt Collection Practices Act (FDCPA): first party and third party collecting guidelines
- CFPB: first party collecting and UDAP issues in collecting
- Policy and Procedures
- Seven tips your policy must have to help collect your money
- Reviewing the credit application for Red Flags and ID Fraud
- Notices vs. Letters: design the perfect collection letter
- FACTA Reg V compliance
- Email dos and don’ts
- Calling Consumers
- Motivate the customer to pay in full with one call
- Enhance your negotiation skills and work outs
- Learn the real reason they are not paying you
- Find overlooked sources of money
- Collection Tools
- Using credit reports to uncover facts about the consumer
- Selecting the right collection agency or attorney: are they FDCPA and FACTA compliant?
- Using the web as a great skip tracing tool
- Reporting the bank’s past due customers through Metro2 and E-OSCAR and FCRA/FACTA compliance
- Putting This Knowledge Into Action
CEOs, CFOs, presidents, commercial & consumer lenders, compliance officers, collectors, trainers, HR and anyone responsible for establishing and maintaining credit, collection, and compliance policy and procedures.
Greg Souther, Greg Souther Consulting & Seminars
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 hours CRCM/CLBB
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
Online: Visit the CBA Webinar Catalog
Mail: Click here and mail completed form with check payable to ConferenceEdge to: (Mail at least 10 days prior to event)
1516 Xavier St., Ste 500, Denver, CO 80204
Phone: Call ConferenceEdge at (877) 988-7526 (credit card payments only)
- Preferred Payment Method: Online
- Please register online or by phone when paying with a credit card
- Payment Must Accompany Registration – Invoices are Not Provided
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.