Liability lawsuits against financial institutions involving consumer collections are increasing. There are numerous laws and regulations covering consumer debt collection activities that institutions must follow. Consequently, there are numerous opportunities for errors and mistakes in the collection process. Therefore, it is important for your institution to understand proper collection procedures to avoid liability. This webinar will explain all aspects of the consumer collection process, including collection letters, default notices, right to cure notices, workouts, forbearance, restructurings, and setoff on deposit accounts.
- Common mistakes in the collection process and how to correct them
- Examples of how creditors have gone too far in the collection process
- Explanation of the 10 collection activities that regulators will be watching closely
- Summary of the Fair Debt Collection Practices Act
- How your institution can reduce its risk of liability
- CFPB Bulletin Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts
- Checklist of steps in the consumer collection process
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is directed to consumer loan officers, loan operations personnel, credit administration personnel, collection personnel, compliance officers, attorneys, managers, and others involved in the collection process.
PLEASE NOTE: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Originally recorded on July 19, 2018.
Recorded webinar link is available until January 31, 2018.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.