eTrain: Closed- and Open-end Lending Compliance
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What do open end and closed end loans have in common? A regulation known as Truth in Lending/Regulation Z for starters.  And then there is the definition of finance charge, the tolerance for the Annual Percentage Rates, disclosure requirements and much more.

There are many differences we will explore as well: periodic statements, changes in terms and error resolution for open-end; special rules on refinancing and rules for private student loans on closed end. There is much to review in this webinar on consumer lending:

  • Exactly what is included in the finance charge and why is it important?
  • What are the differences between periodic statements for open end lines of credit vs. credit cards?
  • How does the regulation define open-end credit?
  • Do the error resolution requirements apply to open-end credit even when no credit card is involved?
  • When are we required to refund overpayments that create a credit balance?
  • What are the notification requirements for changes in terms?
  • How much advance notice must we give for rate changes on adjustable rate products?
  • When must disclosures be provided?
  • What constitutes a refinance and what are the exemptions?
  • How do we handle loan assumptions?
  • What are the special rules for closed end Private Student Loans?

Who Should Attend?
Managers and supervisors in these departments:

  • Compliance
  • Lending
  • Marketing
  • Business Development
  • Member Service
  • Operations

Meet the presenter, Mary-Lou Heighes:
Mary-Lou Heighes, CUCE, is President and founder of Compliance Plus, Inc., which helps credit unions large and small with the development of compliance programs and compliance training and assistance. She provides compliance training all over the country for various state leagues and credit unions, and also speaks at numerous credit union conferences throughout the country. Mary-Lou has been an instructor at regulatory compliance schools, has conducted dozens of webinars for credit union related organizations throughout the country, and has written articles for Credit Union Magazine. She spent many years working on the very laws and regulations she trains on today.

Mary-Lou has been involved in the credit union movement since 1989. She spent five years working in credit unions and seven years providing compliance assistance through the Information Hotline and writing and editing TIPs bulletins advising credit unions to changes to regulations affecting credit union business. 

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