Reg Z Revised Open End Credit Rules


Presented by: Jack Holzknecht and Mary Beth Guard

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WHAT On December 18, 2008 the Federal Reserve Board published final revisions to Regulation Z, which take effect on July 1, 2010. The goal for this latest revision to Regulation Z is to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving (non home-secured) credit plans. The new rules are complex and detailed.

The new rules impact the:
  • Application and solicitation disclosures;
  • Account-opening disclosures (formerly the initial disclosure);
  • Periodic statement disclosures; and
  • Change in terms notice.
This two-hour webinar covers all of the new Regulation Z rules that impact open-end credit products such as overdraft lines and credit cards.

The new Regulation Z rules are the result of several years of effort by the Federal Reserve Board to improve the effectiveness of the disclosures for open-end credit. This program is designed to explain the details of the new disclosures - timing, content, etc. Program participants receive a detailed manual that provides a thorough explanation of the new rules.

Upon completion of the program participants will understand:
  • The format and content changes designed to make the credit and charge card application and solicitation disclosures more meaningful and easier for consumers to use;
  • The enhanced cost disclosures provided at account opening to make the information more conspicuous and easier to read by disclosing them in a summary table, which is substantially similar to the table required for credit and charge card applications and solicitations;
  • The revisions to make disclosures on periodic statements more understandable, primarily by making changes to the format requirements, such as by grouping fees and interest charges together;
  • The expanded circumstances under which consumers receive written notice of changes in the account terms (such as, an increase in the interest rate), and increases in the amount of time these notices must be sent before the change becomes effective;
  • New rules that explain when an advertisement may refer to a rate as "fixed;" and
  • Cut-off times and due dates for mailed payments;
The program is designed for loan department management, compliance officers, loan officers, loan originators and others involved with open-end credit.

About the Speakers: Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-four years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by the Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru" at and frequently answers compliance questions sent to "Bankers' Threads."

Mary Beth Guard currently serves as Executive Editor of and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980, then going on to serve as general counsel for the Oklahoma State Banking Department, general counsel for the Oklahoma Bankers Association, and EVP of Specialized services for Thomson Financial Publishing prior to co-founding Glia Group, Inc. and Mary Beth also serves as Executive Editor for and as a partner in BankGuard Resources. Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.
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CD-ROM Includes:
  • Complete presentation (including slides and audio)
  • Written Materials
  • Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in February 2009. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_openend0209
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Thursday 25 September, 2008.

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