2014 ABA RCC: Lessons Learned from Recent Fair Lending Cases

This is the fifth installment in a series of blogs covering the sessions I attended at this year’s American Banker’s Association (ABA) Regulatory Compliance Conference (RCC) in New Orleans.

Fair lending is the hottest compliance topic in the industry and it’s likely at the very top of bank management and CEO paranoia (although UDAAP is right there too)! It’s safe to say Fair Lending concerns are not going to die anytime soon. Here are a few of the takeaways from this session:

• Any lender discretion (loan policy and/or procedure exceptions) must be monitored and controlled.

• Those involved in the indirect lending arena MUST monitor dealer markup.

• Disability income documentation requirements (just Google it).

• Loan steering – Make certain the consumer receives the best deal for them regardless of the channel in which the application was received (i.e., branch location, online, mail, etc.)

Published
2014/06/19
Jerod Moyer
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

Recent Posts

Flood: Relying on A Prior Flood Determination

Knowing Your Customer When Banking Marijuana & Hemp

CFPB Overdraft Proposal

Archives

see all topics