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Product Terms Part 1: Modifying Existing Product Terms & Fees, Including Timing, Content & Requirements for Change-in-Term Notices

The market for consumer financial products and services continues to evolve – requiring credit unions to regularly analyze and review existing products. If a credit union is contemplating changes, it must formally amend the existing agreement and determine the proper way to notify members to ensure regulatory compliance. To further complicate matters, the timing, content, and disclosure requirements for Truth in Savings, Regulation E, and Regulation Z are not consistent.

This webinar will outline the requirements for providing compliant change-in-terms notices and explain when notices are not required. By having a comprehensive plan for modifying the terms of existing products, credit unions can comply with regulatory requirements and provide a clear, transparent message to members.

Recorded June 22, 2016

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • Timing, content, and disclosure requirements for change-in-terms notices
  • Formatting and delivery requirements for notices
  • Restrictions and prohibitions on changing terms on certain products
  • Special disclosure requirements for credit card accounts
  • Requirement to reevaluate APR increases on credit cards
  • Tips for handling situations unique to mergers

  • TAKE-AWAY TOOLKIT
    • Regulatory sections and details for change-in-terms notices
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

PART 2 ALSO AVAILABLE!

"Product Terms Part 2: Establishing New Product & Service Controls"
Recorded on Wednesday, August 3, 2016

WHO SHOULD ATTEND?

This informative session is designed for operations, compliance, and audit teams.

PLEASE NOTE

Webinar content is subject to copyright and intended for your individual financial institution’s use only.

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