myCPE
myCPE

FCRA – What you need to know 2 Credits

Jan 30, 2024, 10:00 AM ET

FCRA – What you need to know 2 Credits

  • Richard Cascarino

    CRMA, CIA, CISM, CFE
  • Rating

    4.4
  • Reviewed on

    March, 2024
  • Subject Area

    Business Law

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Jan 30, 2024, 10:00 AM ET

Learning Objective

  • To discuss the roles and responsibilities of the FCRA.
  • To analyze the impact on the recording requirements of Consumer Reporting Agencies (CRAs).
  • To investigate FCRA requirements for information retention and reporting.
  • To discuss the impact of the CFPB Continuous Supervision program and the Internal Review Process

Course Overview

The Fair Credit Reporting Act is a federal law regulating the collection, dissemination, and use of consumer information, including consumer credit information in the United States.

Why does it matter how information about your credit is used?

Whenever you apply for a credit card, a car loan, a mortgage loan, or any other form of credit, the issuing company checks your credit history to assess your creditworthiness. The terms you are offered for credit (such as a loan) may be based in part on your credit score and information in your credit report.

Your credit history affects more than just your ability to get loans or the annual percentage rate (APR) on your credit cards. For instance, prospective landlords could check your credit report to see how creditworthy you are when deciding whether they can trust you to pay your rent on time.

In some states, employers may check your credit report for hiring purposes. Also, depending on the state, insurance companies may check your credit to determine whether to offer you coverage.

This CPE webinar addresses the roles and responsibilities of the FCRA and its impact on the recording requirements of Consumer Reporting Agencies (CRAs) including retention of negative information, liabilities for consumer notification, and provision of consumer credit reports.

In addition to the well-known “big three” of Experian, Equifax, and Trans Union, other organizations retaining records on consumers’ medical records and payments, insurance claims, residential and tenant history, check-writing history, and employment history may also be classed as a Nationwide Specialty Consumer Reporting Agency and fall within the remit of the FCRA.

The Consumer Financial Protection Bureau (CFPB) has undertaken the role of enforcing the FCRA including consumer rights, responsibilities of furnishers, and responsibilities of users.

Like many consumer protection statutes, the Fair Credit Reporting Act presents unique compliance challenges for creditors and other data furnishers of consumer credit information. From responding to disputes made through the various credit bureaus to direct consumer disputes your company must have proper policies and procedures in place to comply with the law and to ensure compliance with recent CFPB mandates.

The CPE webinar will address FCRA requirements for information retention and reporting as well as the impact of the CFPB Continuous Supervision program and the Internal Review Process.

Key topics covered in this course:

  • What is the FCRA?
  • What is credit?
  • Important Elements of Credit 
  • Issues within the Fair Credit Reporting Act (FCRA)
  • The CFPB Internal Review Process

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Richard Cascarino
Richard Cascarino , CRMA, CIA, CISM, CFE

Founder, Richard Cascarino & Associates

  • 4.2
  • rating
  • rating
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Richard Cascarino has, for the last thirty-three years, been providing Internal Audit, Fraud Audit, IS Audit Consultancy, Risk Management and Corporate Governance consultancy as well as Professional Development services to clients throughout the United States of America, the African region,  Europe and the Middle East. These include Central Banks and Financial Institutions, some of the largest corporations, government departments, auditors general, and professional bodies in their respective countries.

He is also a visiting Lecturer at the University of the Witwatersrand, lead author of the book Internal Auditing - an Integrated Approach, published by Juta Publishing. In addition, he is the author of the Auditor's Guide to IT Auditing and Corporate Fraud and Internal Control: A Framework for Prevention" published by Wiley

Publishing He is also a contributor to QFINANCE – The Ultimate Resource published by Bloomsbury.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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Chao Liu, Accountant/Bookkeeper/Tax Professionals

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Jean Hess, CFE

Appeared that presenter was reading sometimes vs talking to audience. Good content!

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