Adverse Action: Initial Requirements & Response After Loan Origination
Every adverse action notice matters. Get the timing and requirements right every time. This webinar will equip financial institutions to meet ECOA and FCRA adverse action requirements by delivering accurate notices, avoiding common compliance errors, and confidently managing consumer and business credit applications.
KEY WEBINAR TAKEAWAYS
- Actions and decisions that trigger adverse action notification
- Who must receive an adverse action notice and when notification is required
- When FCRA requirements must be included in consumer denial notices
- Notification requirements when credit terms are changed for an existing borrower
BONUS MATERIALS
- Application trigger chart detailed by regulation
- Chart explaining each statement of reason on the notice
- Second review checklist of adverse actions/withdrawn files
WEBINAR DETAILS
Required notices help applicants understand what additional information or documentation is needed to complete an application or the specific reasons a credit request was declined. Two federal laws govern these notification requirements: the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA). Understanding when each law applies is essential for ensuring compliance and effectively managing the loan application process. During this webinar, you will learn the notification requirements for both consumer and business credit applications, identify when ECOA and FCRA requirements apply, and recognize common notification errors cited by regulators so they can be avoided.
