1:15min | Credits: 1.50 CRCM
This course helps compliance professionals develop a strong understanding of financial institution compliance with the Truth in Lending Act (TILA) and Regulation Z particularly as it relates to closed-end non-mortgage credit. Along with learning which types of loans and lines of credit are covered or exempted from the regulation, the course details the proper and timely disclosure elements for covered loans, including specific information such as: finance charges, annual percentage rate, pre-paid finance charges and related exceptions. The course also covers special provisions for loans secured by real estate and disclosure requirements for refinancing. In addition, the course addresses Regulation Z requirements for advertising closed-end credit.
Audience: Compliance and risk management professionals including compliance managers, officers, and other team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, and auditors.
After completing this course, students will be able to:
- Describe the overall organization of Regulation Z provisions
- Identify the types of closed-end non-mortgage loans that are covered by or exempted from Regulation Z
- Explain the timing and format requirements for closed-end credit disclosure documents
- Describe the requirements for finance charge disclosures
- Explain how to properly disclose pre-paid finance charges to borrowers
- Identify when refinanced loans require disclosures
- Describe Regulation Z advertising requirements for closed-end loans
Created: March 2022