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A true understanding of fair lending, and the law(s) that governs it, can be difficult to achieve. The signs of lending discrimination can be blatant or subtle. It can occur in many different areas of lending including marketing, terms and conditions, home appraisal and in loan servicing just to name a few.
This recording is designed to aid today’s compliance professionals in navigating the complexity of creating and implementing a fair lending program in a smaller financial institution with limited staff and time. Those who are not on top of their fair lending compliance should prioritize it now.
There are many ways to maintain compliance and opportunities for things to be done correctly. This recording covers:
- The Fair Lending Compliance Program – What it is and why you need one
- The foundation of your program – With special focus on fair lending risk assessment, policies, procedures, employees, and training
- Testing, monitoring, and auditing – The three lines of defense and how they work to make your program shine
- Corrective Action and oversight – Taking the next steps
- Putting it all together – How it works together to make your program compliant.
With every change of administration, there is an undoing of certain aspects of policies that the last regime put into place. This new administration has not broken that trend. There has been increased scrutiny in our “post-pandemic” environment, and we’ve seen things like fair and equitable access to credit and services in the news weekly. With all the changes on the horizon, now is the perfect time to take a long, hard look at your institution’s fair lending program.
- Increased regulatory scrutiny could open you up to potential dormant violations
- Fair Lending violations ruin an institution’s reputation and carry MASSIVE fines
- This has become a focus of every regulator, even the NCUA
- Redlining is as hot as it has ever been. Don’t let your institution be the next in the news for a violation
- Lenders (not just financial institutions) are now receiving enforcement actions
- Fix the holes in your program before they become too large!
This recording is designed for compliance officers, compliance manager senior management, compliance employees, and compliance champions.