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Liability lawsuits against financial institutions involving consumer collections are increasing. There are numerous laws and regulations covering consumer debt collection activities that institutions must follow. Consequently, there are numerous opportunities for errors and mistakes in the collection process. Therefore, it is important for your institution to understand proper collection procedures to avoid liability.
This webinar on Wednesday, July 18, from 3:00 PM to 4:30 PM, will explain all aspects of the consumer collection process, including collection letters, default notices, right-to-cure notices, workouts, forbearance, restructurings, and set-off on deposit accounts.
For those participating in this webinar, you can expect to learn about:
- Common mistakes in the collection process and how to correct them
- Examples of how creditors have gone too far in the collection process
- Explanation of the 10 collection activities that regulators will be watching closely
- Summary of the Fair Debt Collection Practices Act
- How your institution can reduce its risk of liability
After participating in this webinar, attendees will receive: CFPB Bulletin Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts; checklist of steps in the consumer collection process; employee training log; and a quiz you can administer to measure staff learning and a separate answer key.
For more information or to register, please click here.
This webinar, offered through the League’s partnership with the CU Webinar Network, is part of a six-part Consumer Debt Series. For more information regarding the other topics covered in this series, click here.