FCRA/FACTA: Proving Compliance
Question: Since there are no record retention requirements and/or no signature requirements for several of the required FCRA & FACTA notices, how do we prove compliance to examiners?
Answer: You will need to demonstrate your process for providing the applicable notices. You might have a loan checklist to show the notice was given or maybe the notice is generated by your software and you provide it to the customer at that time. Examiners are going to want to see your system and how it works. There are many ways to do this. Additionally, make sure you train your team so they can answer questions in the event they are interviewed by examiners.
Published
2019/08/23
Jerod Moyer
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!