Fair Lending Quiz: Assess Your Compliance Risk Exposure!
Fair Lending is still a top regulatory priority in 2022 As a financial institution, Fair Lending compliance risk management is essential, and it's important to understand your risk in order to effectively manage it. In this post, you'll learn more about key risks and get access to a free Fair Lending quiz!
As a compliance officer, Fair Lending is likely one of your top areas of concern. Financial institutions need to not only conduct data analysis and review policies, but also provide Board and Senior Management training and stay aware of regulatory priorities like Redlining.
Fair Lending compliance risk management is complex, but having a clearer understanding of your risk and your data will make it easier. Before we get started, there are five things to remember about Fair Lending:
- Fair Lending is designed to ensure that similarly situated individuals are treated similarly.
- Fair Lending compliance is important in every stage of the crediting process, from marketing all the way to servicing.
- Fair Lending is about much more than just HMDA; the regulations cover all types of loans.
- If you are involved in lending at your institution - even if you're not officially in compliance - you are responsible for supporting Fair Lending efforts and complying with Fair Lending laws and regulations.
- Fair Lending risks may lead to increased CRA and Redlining compliance scrutiny from your examiners, and vice versa.
Related: How to Build a Strong Fair Lending & Redlining Compliance Management System
Topics: Fair Lending, Lending Compliance, Nfairlending, Product Insight, Lending Compliance Management,