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Regulation E: Error Resolution Requirements

Ensure your error resolution process satisfies new regulatory requirements.

Bankers and compliance professionals often struggle with the day-to-day issues that arise in connection with regulatory requirements to timely and effectively resolve deposit account errors asserted by consumers. New requirements for prepaid accounts from the Consumer Financial Protection Bureau (CFPB) will take effect soon, magnifying the complexity that institutions face when resolving account errors. This topic explains the requirements of the CFPB's new amendments to Regulation E covering prepaid accounts with simple explanations of how the new rule differs from the traditional error resolution framework. It also will showcase best practices from industry leaders for conducting timely and compliant investigations of consumer complaints. Failure to timely respond to consumer complaints is regularly cited by the CFPB as one of its chief concerns with financial service providers, and noncompliance can result in cease and desist orders, fines, penalties and class action law suits. This information will help you ensure your error resolution process satisfies new regulatory requirements and help you leverage best practices to reduce risks of fraud and other loss.

Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The New Prepaid Account Rule

  • Requirements of the New Rule
  • Impact on Error Resolution Requirements
  • First Party Fraud
  • Additional Issues for Overdraft and Credit Programs

Error Resolution Best Practices

  • Limiting Liability
  • What Constitutes a "Reasonable Investigation"
  • Responding to Error Notices
  • Provisional Credit
  • Dealing With Reasserted Errors

Focus on Specific Programs

  • Payroll Cards
  • General Purpose Reloadable Cards
  • Exempt Accounts
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jonathan J. Wegner

Jonathan J. Wegner

Baird Holm LLP

  • Partner in the office of Baird Holm LLP, which has been involved with more than 100 bank mergers and bank capital raises in the last decade
  • Practice emphasizes all aspects of banking law and bank regulatory compliance, including complex mergers, acquisitions and capital raises
  • Conducts regular seminars and workshops on bank mergers and acquisitions, banking law, payments systems and regulatory compliance matters
  • Wrote several publications related to the areas of bank mergers, financial services and payments technology
  • J.D. degree, summa cum laude, Creighton University School of Law; M.S. degree in journalism, Northwestern University; B.A. degree in English, summa cum laude, Santa Clara University
  • Can be contacted at 402-636-8340, [email protected] or LinkedIn®: https://www.linkedin.com/in/jonathanwegner
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Product ID: 399102
Published 2016
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