Updated Metro 2®, e-OSCAR and the New Tougher FCRA/CFPB Compliance Requirements

Data furnishers must keep up with frequent changes to the rules and the format for reporting account and consumer information. Whether you report to one or all four national credit reporting agencies, you must follow the FCRA, its FACTA amendment and CFPB standards.

This 60-minute Metro 2 and e-OSCAR webinar helps you build credit reporting policies and procedures that comply with federal rules. It covers the pros and cons of the Metro and Metro 2 formats, e-OSCAR and the ACDV dispute system, reporting bankruptcies and disputed accounts, and handling identity theft claims under FACTA Section 312 and the Red Flag guidelines.

You'll also review updates to the Credit Reporting Resource Guide, whether to report to more than one agency, and why to run quality checks on reported data.

• Describe a dashboard for executive credit reporting oversight
• Evaluate the credit reporting lifecycle
• Explain the consequences of non-compliance
• Outline the most important credit reporting compliance obligations
• Identify litigation risk in investigating credit reporting disputes
• Explain Metro 2 guidelines and CRA and furnisher obligations
• Explain what CRAs and furnishers must do in response to an ACDV

Metro 2 credit reporting guidelines

• Initial reporting requirements for furnishers under 15 U.S.C. § 1681s-2(a)
• Recent FCRA and related litigation
• Reporting accounts in Chapter 7 and Chapter 13 bankruptcy
• Reporting disputed accounts

e-OSCAR, FCRA litigation risk and compliance burden

• Recent changes to FCRA/CFPB compliance rules
• Using the ACDV system and responding to CRA disputes under 15 U.S.C. § 1681s-2(b)
• How far the consumer dispute review must go
• Removing tradelines and related obligations

Handling consumer claims of identity theft

• The CFPB Supervisory Bulletin on furnishers' duty to investigate disputes
• All agencies following the CFPB's stricter exam standards
• How FACTA Section 312 shapes your agency's expectations
• Data furnisher duties under the FACTA Red Flag guidelines
• Reviewing tradeline information for compliance
• Reporting monthly data in the Metro or Metro 2 format
• Viewing and responding to Automated Credit Dispute Verifications in e-OSCAR
• Submitting AUD forms in e-OSCAR for previously reported tradelines
• New compliance points and quality control checks

Credit Reporting Resource Guide (CRRG) updates

• Recent CRRG updates and how they affect furnishers, including guidance related to COVID-19

Action steps to improve compliance

• Analyzing input channels
• Reviewing the servicing system to Metro 2 file to CRA soft pull
• Risk ranking
• Remediating identified issues
• Establishing credit reporting oversight and a framework for the future state
• Updating policies and procedures
• Setting up ongoing monitoring

Most credit reporting disputes are resolved through e-OSCAR and ACDV, and recent updates affect furnishers' legal obligations. Reporting errors can be costly for a financial institution.

This session helps compliance officers, lenders, operations staff, branch managers, customer service reps, risk officers, collectors, auditors, trainers and anyone handling consumer credit information understand their legal risk and fix problems efficiently.

This webinar will provide valuable insights to: 

• Compliance Officers
• Lenders
• Operations Personnel
• Branch Managers
• Assistant Branch Managers
• Customer Service Reps
• Consumer lenders
• Risk Officers
• Collectors, Auditors, Trainers
• Everyone in your institution dealing with consumers, credit information, and identity theft

Justin brings over 20 years of wide-ranging experience in compliance, training, and regulation in the financial services sector. Most recently, he served as Head of Compliance Training at Bank of China, where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously, he served as Macquarie Group’s Head of Americas Compliance Training and J.P. Morgan Chase’s compliance training manager. He also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function.