Fair lending is an area where financial institutions need to be vigilant and always on the lookout. Illegal discrimination can take several forms, which aren’t always obvious. It can often sneak in when you least expect it, which means it’s best to be proactive rather than reactive. This includes ensuring your Board and Management are aware of risk(s), working closely with compliance when developing policies, new products, etc., and ongoing training for your lending personnel. The consequences for noncompliance are just too great
Jerod explains more in the video.
Published
2024/10/14