Fair Lending Reviews
Fair lending laws and regulations protect consumers from discrimination, offering credit for everyone regardless of age, sex, ethnicity, religion, national origin or familial status. The laws regulate all loans and loan products, and even extend to advertising.
Regulators have emphasized fair lending policy examinations recently. Scrutiny of non-discriminatory practices will only intensify in the coming years. Make sure your credit union meets fair lending requirements with PolicyWorks’ Fair Lending Reviews. We will examine your credit union’s loan policies, procedures and application process for fair lending compliance. And, because the mortgage process is full of data collection, we can check that your credit union is asking all the right questions for HMDA reporting.
Fair Lending Reviews ensure compliance with the following laws and regulations:
- Consumer Financial Protection Bureau/Regulation B
- Consumer Financial Protection Bureau/Regulation C
- Equal Credit Opportunity Act
- Fair Housing Act
- Housing and Urban Development Regulations for State Credit Unions
- National Credit Union Administration Regulation 701.31 for Federal Credit Unions