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Efforts to cross sell products and services continue to be a key operational goal for financial institutions. However, negative news stories on improper cross selling and opening fraudulent accounts have put cross-selling actions under a microscope. This focus increases the likelihood of future examination or auditor scrutiny, and requires that institutions review their practices to manage compliance and litigation risks.
This webinar will examine the impact of the Telephone Consumer Protection Act (TCPA) and the Fair Credit Reporting Act (FCRA) on cross-selling initiatives. Institutions must ensure they have a permissible purpose under FCRA to use a consumer’s credit report for cross-selling/marketing purposes. Further, the Federal Communication Commission’s (FCC) broad definition of an “autodialer” has dramatically increased litigation risks. Join us to learn the requirements necessary to obtain proper written consent from consumers prior to calling or texting with a marketing message.
HIGHLIGHTS
Restrictions on cross selling using previously obtained credit reports
How to obtain a consumer’s written authorization to obtain and use reports for marketing purposes
FCC’s definition of an “automatic telephone dialing system” (autodialer)
Best practices for obtaining and updating TCPA consent
Consumer consent revocation and risks related to updated or reassigned phone numbers
TAKE-AWAY TOOLKIT
Sample language to obtain consumer’s consent to use credit reports for marketing purposes
Summary of the TCPA’s prior express written consent requirement
Fact sheet outlining the type of consent required by the TCPA for each type of call or text
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Staff responsible for marketing operations and compliance, as well as audit teams.
ABOUT THE PRESENTER – Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC, an attorney where he concentrates his practice in the area of financial regulations. He has intimate knowledge of the operational issues facing financial institutions and the best practices they can follow to reduce compliance, strategic, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s degree from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.
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