During the Biden Administration, it has become clear that enforcement of fair lending laws is a high priority. Enforcement actions are not limited to just one or two key issues; there is a broad assault on fair lending issues. Federal fair lending enforcement actions against financial institutions continue to happen and are a big risk to any financial institution, regardless of size or complexity. It often involves a financial institution’s CRA program.
Discrimination can be obvious, subtle, or unintended. Charges of discrimination can come from any direction. Risk comes in the form of penalties, regulatory enforcement actions, civil liability, or damage to a bank’s reputation. The best defense against these threats and risks is developing and maintaining a sound and fair lending compliance management system.
Over the years Fair Lending violations have led to consent decrees that include:
- Significant civil monetary penalties
- Reimbursement to borrowers
- Burdensome remedial action to prevent further violations
In redlining cases, lending policies result in a lack of lending in certain areas. The financial institutions simply fail to meet the credit needs of their selected assessment area. The examples of fair lending enforcement are vast and provide reasons why financial institutions need to go back to the basics to ensure programs cover the essential requirements needed to comply.
What You’ll Learn
Who Should Attend
This webinar is designed for management, loan officers, loan processors, compliance, audit, and loan operations personnel.
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
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Instructor
Kimberly Boatwright
Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC, and has more than two decades of experience working in the financial services industry. Ms. Boatwright is a ... read more.
