Your Board of Directors is ultimately responsible for compliance at your institution. To be able to carry out that duty, they need information. We like to say, “You can’t manage what you don’t know”. When it comes to fair lending and illegal discrimination, it’s important that your Board understand not only what you are doing to ensure fair lending but also what the potential consequences could be for non-compliance. Some of these could include a referral to the Department of Justice, civil money penalties, lawsuits/litigation, restitution, complaints, regulatory scrutiny, etc. In 2022, the FDIC, NCUA, FRB and CFPB collectively made 23 referrals involving discrimination to the DOJ, which was up from just 12 in 2020.
Jerod explains more in the video.
2025/09/22