The Risk-Based Pricing Rule is effective January 1, 2011, and requires all lenders to provide a specific notice to a consumer when the lender sets or adjusts the price and other terms of credit provided to the consumer based on the consumer's credit report. In this teleconference, you will learn the various strategies for compliance, including the special exceptions for auto lending, mortgage lenders, instant retail credit and credit card issuers.
Agenda
- Who Is Covered by the New Requirements?
- Various Approaches Financial Institutions May Use to Comply With the New Requirements
- What Are Material Terms and How to Determine When They Are Materially Less Favorable
- What Is a Substantial Proportion of Your Consumers?
- Compliance Methods Used for Determining Which Consumers Must Receive Risk-based Pricing Notices
- When and How to Issue a New Risk-based Pricing Notice, Including:
- The Required Content of the Notice
- Form of the Notice
- The Timing of the Notice
- The Exceptions to Use of the Notice
Speaker
Andrew M. Smith, Partner, Morrison & Foerster LLP
Continuing Education Units
Only registered attendee will receive continuing education credit. Additional attendees can receive continuing education credits at a discounted price. Call 1-866-352-9540 for further credit information and details.