Directors play an important role in the success of every financial institution by providing oversight and directing risk management. A recent ABA survey found that Fair Lending was the number one compliance concern given the more volatile regulatory environment that followed the “mortgage meltdown”. Fair Lending concerns have been heightened by the creation of the CFPB (Consumer Financial Protection Bureau) and expanded enforcement actions. This two-part series will address key issues since Fair Lending violations can impede growth plans, impact profitability, and potentially damage the bank’s reputation. As with all business risk, this is another area that must be managed effectively.
- What do the regulators expect that the board understands about Fair Lending?
- What are the seven “essential” elements that will provide a strong foundation for an effective Fair Lending program?
- What are the risk factors for Fair Lending in underwriting?
- What do recent enforcement actions say about violations of Fair Lending laws during loan approval?
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