As most lenders know, the Equal Credit Opportunity Act prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, or age…. We find that most lenders understand the big picture and know it’s illegal to discriminate based on these factors but sometimes when they get in the routine of the day to day, they can unknowingly overlook some of the finer details and potentially discriminate in ways that may not be as obvious. But fair lending isn’t just your lender’s job. It’s everyone’s job and that starts with the Board of Directors. The Board is tasked with setting the tone and ensuring that what can be done to lower the potential risk of fair lending issues is being done.
Jerod explains more in the video.
Published
2024/09/03