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For more information on how Experian can assist in satisfying some of the key laws and regulations that affect financial institutions, please complete the form below


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Regulatory Compliance

Experian helps financial institutions address regulations and internal policies with which they must comply. While regulators continue to publish regulations to enhance consumer protection and address safety and soundness, we help financial institutions to not just satisfy these requirements, but to use the implementation of these regulations in an innovative way to be a source of competitive advantage.

Below is a list of some of the key laws and regulations that Experian can assist financial institutions with compliance and innovation.

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Basel III and II

Basel III and II are global regulatory standards for capital adequacy, stress testing and market liquidity risk agreed upon by the members of the Basel Committee on Banking Supervision. Beginning in 2014, US regulations have instituted an Integrated Capital Framework which includes Basel III, a Standardized and Advanced Approaches rule and the incorporation of these rules into CCAR and DFAST stress testing.

 


Customer Identification Program (CIP), OFAC and Anti-Money Laundering

Laws are intended to strengthen U.S. measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include a Customer Identification Program (CIP), OFAC and Anti-Money Laundering (AML) regulations.

 


Comprehensive Capital Analysis and Review (CCAR) and Dodd Frank Act Stress Testing (DFAST)

CCAR - Federal Reserve Board rule to ensure large bank holding companies account for their financial risks and have sufficient capital to operate under economic stress.

DFAST – OCC, FDIC and Federal Reserve Board rules to ensure financial institutions ranging from $10B to $50B account for their financial risks and have sufficient capital to operate under economic stress.

 


Fair Debt Collection Practices Act (FDCPA) and Large Debt Collection Participants

The Fair Debt Collections Practices Act (FDCPA) generally prohibits debt collectors from using abusive, unfair, or deceptive practices to collect debts that are incurred for personal, family or household purposes. Under the FDCPA, a debt collector is someone who regularly collects debts owed to others; however many companies who collect their own debts follow the rules of the FDCPA. The CFPB has assumed enforcement power over large debt collectors, those over $10 million in annual receipts. The CFPB is now accepting complaints on debt collectors and has begun an active supervision and enforcement policy.

The CFPB has also recently initiated the process of clarifying debt collection rules for all debt collectors.

Experian can assist you with compliance with the FDCPA and other rules that impact debt collection, while reducing your roll rate with fewer resources.

 


FFIEC Guidance: Authentication in an Internet Banking Environment

U.S. financial institutions are required to mitigate risk using a variety of processes and technologies, employed in a layered approach. Businesses are required to move beyond simple questions, for example, to a more complex out-of-wallet identity verification procedure that incorporates broad data assets and analytics.

 


Integrated Origination Compliance

Integrated compliance support with Experian's Baker Hill Origination® and Baker Hill Advisor® loan origination solutions for Regulation Z’s Ability to Repay rule, Qualified Mortgage, HOEPA and HPML determinations, Regulation B, and FCRA support, including appraisal, adverse action, and risk based pricing notices, HMDA data gathering, Red Flag, CIP and OFAC alerts. The solutions support the origination of commercial, small business, and direct and indirect consumer loans and lines.

Integrated Portfolio Management Compliance

Integrated compliance support with Experian's Baker Hill Advisor® for portfolio risk management solution for stress testing, concentration analysis, tracking of insurance, UCC filings, and appraisals on collateral, as well as updated financial statements and covenant tracking, and automated portfolio monitoring for safety and soundness.

Large Bank Pricing Rule

FDIC rule under Dodd-Frank Act detailing deposit insurance assessment for concentrations of leveraged loans, consumer subprime loans, and certain types of mortgage and commercial real estate loans.

 


Model Risk Management

Supervisory guidance to ensure sound practices in data and attribute governance, model validation, model development, implementation, use, governance and controls, strategies and operations.

 


Red Flags Rule

All financial institutions are required to have both written and operational identity theft prevention programs. Establishes reasonable procedures that 1) assist creditors and financial institutions in identifying identity theft at the time of origination and 2) set forth provisions specifically applicable to institutions who receive notice of a customer’s change of address on an account or other red flags on an existing account.

 

 

Regulation V (FCRA) - Duties of Furnishers of Information

The CFPB’s Regulation V contains important requirements for furnishers of credit information with respect to the accuracy and integrity of such information and the resolution of direct disputes, Furthermore, the CFPB published an important bulletin on September 4, 2013 that outlined its expectations as to the investigation and review of disputes it receives from CRA’s.

Having a comprehensive methodology for assessing data quality throughout the customer lifecycle is key to satisfying this regulatory requirement while bringing the added advantages of minimizing dispute volume and increasing customer satisfaction. Just as important, is to have the systems and processes in place to resolve disputes in accordance with customer and regulatory expectations.

Risk-Based Pricing Rule

Requires companies that use a credit report or score in connection with a credit decision to send a notice to a consumer when, based on a credit report or score, the company grants credit on material terms that are not the most favorable terms offered to a substantial proportion of consumers. In most cases, the rule defines “material terms” as the loan’s Annual Percentage Rate.

 


Telephone Consumer Protection Act (TCPA)

The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages. It also prohibits the use of an "automatic telephone dialing system" to contact "any telephone number assigned to a cellular telephone service" without "express prior consent" from the party being called when the recipient will be charged for the call.

 

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