The NCUA, Credit Unions & Fair Lending

Anyone listen in on the Fair Lending conversation put on by the NCUA for Credit Unions last week?  Pure sex, right?

by. Jay Kassing, Marquis

Anyone listen in on the Fair Lending conversation put on by the NCUA for Credit Unions last week?  Pure sex, right?

Did anyone even know that the NCUA performed Fair Lending exams?  It sure seemed like more than a few were a little surprised by this revelation…  Yes Virginia, Credit Unions have to comply with Fair Lending too.

Yet to be fair, the level of Fair Lending exam scrutiny may not have been very “robust.”  It is pretty easy to do a fly by on this information and bless the results.  Although some at the NCUA may disagree, let’s simply be thankful this has been the case…

Until now, that is…

It would definitely appear that the NCUA is joining up with the bank regulatory agencies and putting Fair Lending on the front burner.  They have an Office of Consumer Protection, after all.  What should you know?  What must you do?  For a quick guide to what is expected, please download a free copy of my book, “How and Why you must Prove you are Lending Fairly.”  You can find it at http://www.gomarquis.com/Offers/Offers.html

Ultimately, Credit Unions will need to begin to formally monitor their lending patterns and access to credit, to be certain they can prove they are being fair.  There are a variety of ways to do that, both from a regulatory standpoint and as a financial institution.  I encourage all Credit Unions to get ahead of the curve on this.  It is dramatically easier to comply with Fair Lending than it is to be caught doing something “wrong” for the right reasons…