Credit Union Exam Solutions Presents With Flying Colors
Fair Lending Basics
Oct 24, 2024
Joe Goldberg, a former NCUA official specializing in fair lending, sheds light on essential fair lending practices for credit unions. He discusses the significance of laws like the Equal Credit Opportunity Act and the Fair Housing Act, emphasizing that credit decisions should be free of discrimination. Goldberg also tackles the challenges credit unions face during NCUA examinations and explains the nuances of disparate treatment versus disparate impact. His insights provide valuable guidance for ensuring compliance and promoting equity in lending.
40:21
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Quick takeaways
- Comprehensive fair lending training should involve not only lending staff but also managers and board members to ensure organization-wide compliance.
- Understanding and adhering to the Equal Credit Opportunity Act and Fair Housing Act is crucial for credit unions to mitigate discrimination risks.
Deep dives
Importance of Fair Lending Training
Training in fair lending practices extends beyond just lending staff; it should encompass managers and board members of credit unions as well. This broader training approach ensures that key decision-makers understand the policies and procedures that govern lending practices and their implications. By fostering an organization-wide awareness of fair lending, credit unions can better align their operations with regulatory requirements. This comprehensive training strategy helps mitigate risks associated with noncompliance and enhances the overall lending environment.
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