Fair Lending Essentials and Update
Throughout every administration in the last ten years, it has become clear that enforcement of fair lending laws is a high priority. Enforcement actions are not limited to just one or two key issues; there is broad assault on fair lending issues.
A strong fair lending program requires more than simply dotting i’s and crossing t’s. Discrimination can be obvious, subtle, or unintended.
Charges of discrimination can come from any direction. Risk comes in the form of penalties, regulatory enforcement actions, civil liability, or damage to an institution’s reputation, to mention a few. The best defense to these threats and risks is developing and maintaining a sound fair lending compliance management system.
Over the years, fair lending violations have led to consent decrees that include:
- Significant civil monetary penalties
- Huge reputation risks which lead to program requirements (i.e. new locations, stronger vender management etc.)
- Reimbursement to borrowers
- Burdensome remedial action to prevent further violations
Who Should Attend
This session is ideal for members of the board of directors, managers of all lending departments, institution counsel, compliance officers, fair lending and CRA officers, loan officers, and auditors.
