The votes are pouring in, and I’m not talking politics.
A recent ABA survey of bankers confirmed what I’d long suspected: Fair lending is the biggest compliance challenge facing bankers this year.
Out of the survey’s list of 14 compliance issues, fair lending had 55 percent more votes (at last check) than the second-place group: mortgage-related Truth in Lending Act (TILA) and Real Estate Settlement Procedure Act (RESPA) concerns. Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) were grouped together and earned a not-so-distant third in the survey.
It’s no surprise that fair lending is the top compliance concern for bankers. We’ve been hearing this from bankers for the last year or so. Just a few months ago, Assistant Attorney General Thomas Perez announced that fair lending is a top priority for the Justice Department, a declaration punctuated by the creation of a new DOJ fair lending unit.
With increasing regulatory focus, combined with a growing number of watchdog groups, financial institutions need to do more than brace themselves for potential bad news on the fair-lending front.
Here at TRUPOINT Partners, we have made it our mission to help lenders address the increased fair lending scrutiny in new and more efficient ways. To learn more about a new and more efficient approach to fair lending compliance, request a copy of our white paper, “Profitably Achieving Fair Lending Compliance.” You will learn how to more effectively address fair lending reporting and save both time and money in the process.