Most credit reporting disputes are handled through the e-OSCAR/ACDV system, which has had recent updates that affect data furnishers' legal obligations in regard to these disputes. This is an active area of litigation and regulatory scrutiny that is consistently being reviewed by examiners and regulators. This topic will help attendees better understand their potential legal risk and compliance obligations with respect to consumer credit reporting. Special problems relating to the Metro 2 credit reporting guidelines relating to bankruptcies, disputed accounts and identity theft also will be addressed.
By understanding the obligations as it pertains to consumer credit reporting, legal risks can be mitigated more effectively and certain associated problems can be addressed and resolved more efficiently and effectively.
You will be able to describe major credit reporting compliance obligations
You will be able to recognize potential areas of litigation risk in connection with investigation in response to a credit reporting dispute
You will be able to discuss Metro 2 Credit Reporting Guidelines and related obligations of CRAs and furnishers
You will be able to explain CRAs' and furnishers' obligations in response to an ACDV
Metro 2 Credit Reporting Guidelines
Furnishers' Initial Reporting Obligations Under 15 U.S.C. § 1681s-2(a)
Recent FCRA and Related Litigation
Reporting of Accounts Included in Bankruptcy
Reporting of Accounts in Dispute
e-OSCAR and FCRA Litigation Risk and Compliance Burden
Recent Developments in FCRA/CFPB Compliance Requirements
Responding to a CRA Dispute and the ACDV System (15 U.S.C. § 1681s-2(b))
-Scope of Review of Consumer Dispute
-Deletion of Tradelines and Related Obligations
Handling Consumer Claims of Identity Theft
Dr. Gina J. Lowdermilk, Ph.D. (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and financial regulatory compliance professional with extensive experience in policy and procedure development and implementation, training, internal audit, monitoring, risk management and reporting. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.
Dr. Lowdermilk has worked with almost all financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and compliance articles, training materials, and manuals for numerous clients.