This recording is also available as part of our Fair Lending 101 – 4 Part Webinar Recording Bundle
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Fair Lending Compliance Program
What is it and why do I need one?
There are multiple laws on the state and federal level that prohibit creditors from discriminating against applicants with respect to credit transactions. Examiners expect financial institutions to implement fair lending compliance management systems. This system should include board and management oversight and a compliance program consisting of policies and procedures, training, monitoring and/or audit and consumer complaint response. It’s also expected that financial institutions have identified an approach to managing the fair lending risks posed by their service providers. Finally, the fair lending coverage a financial institution engages in needs to be comprehensive and commensurate with their risk and size profile.
In this recording, you will walk away with a more complete knowledge of what a Fair Lending Compliance Program is and why it is important to have implemented and your institution.