One of the most important things when it comes to Fair Lending, from a Board’s perspective, is understanding the data. If your institution is subject to HMDA, your loan officers are charged with collecting/reporting a whole lot of data on certain loan applications. The intent of which is to help examiners determine if you are being discriminatory in your lending practices. As the Section 1071 requirements start taking effect, there will be even more data that could reflect positively or negatively on your institution. Institutions need to analyze their data and share their findings with the Board. No one wants to be surprised when the examiners arrive!
Jerod explains more in the video.
Published
2024/09/23