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Introductions

Introductions. Instructor and student introductions Module overview. Student Introductions. Your name Your expectations, questions, and concerns about financial safety. Purpose. Keep It Safe will: Give you information about consumer rights laws.

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Introductions

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  1. Keep It Safe

  2. Introductions • Instructor and student introductions • Module overview Keep It Safe

  3. Student Introductions • Your name • Your expectations, questions, and concerns about financial safety. Keep It Safe

  4. 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

  5. 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

  6. Agenda and Ground Rules • Two hours long • Two 10-minute breaks • Training methods • Class participation Keep It Safe

  7. 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

  8. 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

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

  10. 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

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

  12. 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

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

  14. “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

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

  16. 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

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

  18. 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

  19. 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

  20. New Forms of ID Theft • Phishing • Pharming Keep It Safe

  21. 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

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

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