1. Keep It Safe

2. Purpose Keep It Safe will:
Give you information about consumer rights laws.
Help you guard against predatory lenders, identity theft, and elder financial abuse.
Help you know how to be financially prepared when disaster strikes.
Keep It Safe

3. Objectives By the end of the course, you will be able to:
Identify the laws and regulations that protect your deposits.
Identify the laws and regulations that protect you when applying for a loan.
Guard against predatory lending practices and identity theft.
Describe how to be financially prepared for disasters.
Keep It Safe

4. Laws and Regulations that Protect Deposit Accounts
Truth in Savings Act
Electronic Fund Transfer Act
Expedited Funds Availability Act
FDIC Deposit Insurance Regulations
Keep It Safe

5. Practice Exercise: Deposit Account Laws and Regulations
Instructions:
Read each scenario carefully.
Use the description of laws and regulations to help you answer the questions.
Be prepared to explain your answers.
Keep It Safe

6. Non-deposit Investment Products
Stocks
Bonds
Mutual funds
Annuities
NOT FDIC-insured!
Keep It Safe

7. Lending Laws Equal Credit Opportunity Act (ECOA)
Truth in Lending Act (TILA)
Fair Credit Reporting Act (FCRA)
Fair Debt Collection Practices Act (FDCPA)
Fair Credit Billing Act (FCBA)
Keep It Safe

8. Additional Lending Laws
Servicemenbers’ Civil Relief Act (SCRA)
Real Estate Settlement Procedures Act (RESPA)
Fair Housing Act
Consumer Leasing Act
Keep It Safe

9. Privacy Notices Privacy notices explain:
How the company handles and shares your personal financial information.
What information the company collects.
How you can possibly limit the company from sharing your information with others.
Keep It Safe

10. Types of Privacy Notices
Initial privacy notice
Annual privacy notice
Notice of changes in privacy policy
Keep It Safe

11. “Opting Out”
Your right to limit the extent to which a company can share your personal financial information.
You cannot opt out of ALL information sharing.
You must opt out within 30 days of receiving the privacy notice.
Keep It Safe

12. Predatory Lending
Occurs when companies offer loan products using deceptive and exploitive:
Marketing tactics.
Collection practices.
Loan terms.
Keep It Safe

13. Subprime Lending
Subprime lending involves extending credit to borrowers who have a higher risk of defaulting on their loans than traditional bank customers because of past problems with credit.
Keep It Safe

14. Two Types of Predatory Loans
Predatory payday loans
Predatory mortgage loans
Keep It Safe

15. Predatory Payday Loans
Small cash advances to a borrower - $500 or less.
Borrower writes a postdated check.
Lender deducts fees from amount borrowed.
Keep It Safe

16. Identity Theft The act of stealing your identify in order to:
Order new credit cards.
Make counterfeit cards or checks.
Go on a spending spree in your name.
Keep It Safe

17. New Forms of ID Theft
Phishing
Pharming
Keep It Safe

18. Elder Financial Abuse
Using an elder’s money or assets contrary to the elder’s wishes, needs, or best interests, for the abuser’s personal gain.
Keep It Safe

19. When Disaster Strikes
Are you financially prepared when these major and minor disasters strike?
Hurricanes
Floods
Fire
Burst water pipe
Keep It Safe