The number of regulations imposed on financial institutions has grown significantly over the past five years, and the level of complexity behind each regulation is high, requiring in-depth knowledge to implement and comply. Lenders have to understand the full complexity of both national and international regulations, so they can find the unique balance to meet compliance obligations while identifying profitable business opportunities.
Justifying financial investment for compliance and fraud prevention technology is challenging. In addition to understanding the numerous and complex compliance agendas, one also must equate the value of business enablement to the bottom line. Businesses are seeking cost-effective, flexible tools that will allow them to meet current and future guidelines, manage risk and ultimately authenticate as many good customers as possible — all while segmenting out only the real fraudsters and noncompliant identities.
Understanding the benefits of such a robust program that supports both risk mitigation and the customer experience is essential to building the business case for fraud prevention.
What key regulations have shaped the financial services industry over the past 8 years? From mortgage reform to combating fraud to model risk governance – regulators have certainly had a strong hand in evolving the financial services industry over the past eight years. This paper outlines some of the key initiatives drafted and executed during the Obama administration. It additionally sheds light on what could be on the horizon in 2017 and beyond.
The implementation date of the CFPB’s final debt collection rule is quickly approaching. To successfully adhere, while still maximizing dollars collected, learn how debt collectors can adapt their current strategies to meet the new ways consumers want to be served in this webinar.
Join us for the latest updates around regulatory issues, data reporting and trends as they relate to COVID-19 and the continuing accommodation period.
The 2020 presidential race, divided government and the latest developments on state legislature – there is a lot to talk about in the regulatory world these days. Join Tony Hadley, SVP, Government and Regulatory Affairs, and our expert panel as they dive into legislative and regulatory trends in the context of the recent election, including insights into privacy, the CFPB and more.
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It’s time to close the CECL readiness gap. Current expected credit loss, or CECL, will effect the biggest change in accounting standards in a generation. Lenders must be able to show that, in the event of a financial crisis, their books will prove to be in good shape.
This white paper will help during your CECL implementation project and beyond.
The collections industry has undergone major transformations over the past decade.
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), producing the most reform to financial regulation since the Great Depression and authorizing the creation of the Consumer Financial Protection Bureau (CFPB), a regulatory agency charged with overseeing financial products and services offered to consumers.
The collections landscape has since continued to evolve, with consumers beginning to make a dramatic shift in how they interact with their financial service providers, moving away from phone and mail, and communicating online instead. Debt collection departments and agencies, large and small, have adopted new technologies to ensure that they comply with consumer demands and changing regulations. But challenges remain in the fast-moving regulatory landscape.
This on-demand webinar will help you tackle some of the lingering uncertainties around the FinCEN Final Rule.
When you report consumer information to the credit bureaus, accuracy matters. That’s why the Consumer Data Industry Association (CDIA) created the Metro 2® data format for consumer credit information. To help data furnishers adhere to Metro 2® reporting requirements, we developed DataArc 360™.
This solution combines our innovative data management platform, Experian Pandora, with our trusted expertise in credit reporting. With DataArc 360™, you get our most powerful data discovery, transformation, and monitoring capabilities together with more than 115 pre-configured Metro 2® rules built in. This means that you can assess data files for a range of metrics and gain instant visibility into the quality of your consumer data files, enabling you to resolve errors before they become disputes.
Read more about how we can help you comply with financial regulations.
Financial institutions strive to simultaneously combine the essential resources, such as data, analytics, and software along with industry best practices, to meet their customers’ needs. They want to find ways to appeal to the ever-increasing expectations of their clients. And with pressure from regulators, they need the ability to build compliance into processes, data collections, and analytics. In short, businesses need smarter solutions that combine the elements not always readily available, or easily implemented through in-house solutions.
Prescriptive Solutions take predictive analytics a step further by bringing data and analytics together with software and expert guidance to create a flexible solution that is optimized to address specific needs or use cases.
Telephone Consumer Protection Act (TCPA) litigation continues to be a risk for companies that communicate with consumers. In this Q&A, Expert Michael Goodman will help you understand the latest happenings with the TCPA so you can minimize your exposure.
We’ve all read the TCPA headlines and stories about fines and litigation. The Telephone Consumer Protection Act can feel overwhelming if you’re a business. Watch this video to learn how you can ease the risks of TCPA violations with two Experian solutions: Phone Number ID and Contact Monitor.
The Military Lending Act provides service members and their dependents with specific protections for their "consumer credit" transactions. Read our latest FAQ for answers to your top MLA questions and compliance solutions for lenders.
Data furnishers are facing ever-increasing regulations when it comes to reporting consumer credit histories to the credit bureaus. Read our latest FAQ for answers to your top data reporting questions.
To promote transparency and aid in model governance, VantageScore Solutions publishes validations results annually, along with updated odds/performance charts. This paper highlights the most recent validation results and also presents insights gleaned from a decade of credit score model performance validations.
Learn how Servicemembers Civil Relief Act (SCRA) protects servicemembers and the compliance solutions available to lenders.
Are you aware of the latest enhancements to the Military Lending Act? The Department of Defense passed a Final Rule in July 2015, and all lenders must get compliant by October 2016. Read our free paper on the actions you must take to get compliant and avoid costly fines.
Justifying financial investment for compliance and fraud prevention technology is challenging. Understanding the benefits of such a robust program that supports both risk mitigation and the customer experience is essential to building the business case for fraud prevention.
Calling your consumers - even once - means you must also adhere to the regulations established by the Telephone Consumer Protection Act (TCPA). Failure to follow the rules can result in per instance fines as high as $1,500. Our two-page paper outlines the details you must know about TCPA, as well as strategies to set up a compliance process and manage accounts.
The Federal Communications Commission (FCC) recently provided additional clarity around the regulations you need to follow to stay compliant with the Telephone Consumer Protection Act (TCPA). Download our checklist to see how your business measures up and identify gaps in your right-party contact call strategy.
Are you prepared to address pressures from cosnumers and regulatory agencies? Have you prepared for the future examinations from the Consumer Financial Protection Bureau (CFPB)? Do you perform ongoing data audits? Download the full Data Accuracy Checklist.
Effective loss forecasting is essential to capital adequacy planning. Is your approach accurately forecasting potential losses? The position of a bank's capital adequacy is directly tied to accurate loss forecasting. Adopting the most robust modeling methodology to forecast losses is a critical element to capital planning efforts. Loss-forecasting modeling has proven to be an extremely complex and resource-intensive process. Given the multitude of potential data sources and various methodologies, how do you know if you're using the most accurate model for your business? Favored by regulators in recent years, Experian's modeling approach has been shown to produce more accurate forecasts over other commonly used methodologies.
View this on-demand webinar featuring industry-leading experts Tony Hadley and Carmen Hearn from Experian® and learn how reporting quality account data benefits you and your customers and satisfies your regulatory obligations.
Learn how to minimize time and resources required to guarantee ongoing regulatory compliance, determine which consumers should receive a Risk-Based Pricing Notice, improve customer retention efforts via dedicated dispute resolution and consumer education services, and learn how Experian products can help you comply with the Risk-Based Pricing Rule.
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