G. Legal Environment of Credit – Beyond Antitrust Regulations
There is a critical need to be aware of the specific government legislation that pertains to business credit. Government legislation not only creates and protects the rights of creditors but also imposes limitations on business activities. Credit department policies and procedures should be in place to ensure that all actions taken by the department and its employees are within the boundaries of the law.
Specifically, this module covers specific legislation, beyond antitrust laws, that impact the credit profession on a daily basis.
After viewing this module, students should understand:
- The Fair Credit Reporting Act and its applications in consumer and commercial credit
- The applicable practices a creditor must follow under the ECOA and Regulation B.
- The purpose of the Consumer Financial Protection Bureau.
- The rules that a creditor must follow under the Fair Debt Collection Practices Act when collecting from a debtor.
- What information a creditor must disclose to a consumer applying for credit under the Truth in Lending Act and Regulation Z.
- What constitutes an e-signature and its provisions.
- The procedures and requirements a holder of unclaimed property must follow.
- Why SOX was enacted and its requirements for corporate responsibility and accountability.
- The Red Flags Rules.
Wanda Borges, the principal member of Borges & Associates, LLC. Wanda has specialized in commercial insolvency practice and commercial litigation representing corporate clients throughout the United States for an excess of thirty years. She is a regular lecturer for NACM and its various affiliates. She has prepared and continues to update various courses including "Advanced Issues in Bankruptcy," "Basics in Bankruptcy," "Current Cases in Bankruptcy," "Creditor's Committees," and "Antitrust Issues," which have been presented at past NACM Annual Credit Congresses and at trade credit association meetings. Wanda is also faculty member for the NACM's Graduate School of Credit and Financial Management.