Special Rules for Credit Card Compliance: Changes in Terms, APR Increases, Protected Balances, Offsets, Fee Limits & More
Monday, July 24, 2017
9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Compliance requirements for credit card accounts are specific and detailed. The Truth in Lending Act and Regulation Z have historically included substantial disclosure and obligations on card issuers. In addition, the Credit CARD Act significantly enhanced compliance risks because it added new disclosure requirements, ability-to-pay standards, restrictions on increasing the APR and charging fees, mandates to maintain protected balances, and many more requirements.
This webinar will analyze the special compliance requirements that impact credit card accounts. It will pay specific attention to the requirements for sending a change-in-terms notice (and when the right to reject must be included), as well as the six situations when a credit card issuer can increase the APR or fees on an existing credit card account.
Continuing Education: Attendance verification for CE credits upon request
- Ability-to-pay requirements for increasing credit limits on existing credit card accounts (including the special rules for cardholders under 21)
- Analysis of the detailed format and content requirements for change-in-terms notices
- Six exceptions for increasing APRs or fees
- Examples of protected balances created when APRs are increased on existing credit card accounts and the card issuer's requirements for future payment allocation
- Requirement to review APR increases every six months
- Restrictions for penalty fees - including late fees and returned payment fees
- Summary of restrictions and requirements for offsetting credit card accounts
- TAKE-AWAY TOOLKIT
- Resources with details and examples for APR increases and protected balances
- Summary of risks associated with using the right of offset for credit card accounts
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for lending, operations, compliance, and audit staff. The credit card compliance requirements are numerous and detailed and impact personnel throughout the financial institution.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.
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