adminCredit unions are focusing on member needs, the challenges of managing operations during a pandemic and ensuring safe operations. By outsourcing regulatory-related issues, it gives credit union professionals and executives more time to focus on other efforts. In response to an often-heard request, CU Audit & Compliance Group (CUACG) is introducing a new service for credit unions: Fair Lending Compliance Review.
This engagement plans to ensure compliance with the following laws and regulation:
• Equal Credit Opportunity Act (ECOA)/Regulation B
• Home Mortgage Disclosure Act (HMDA)/Regulation C
• The Fair Housing Act (FHA)
• National Credit Union Administration (NCUA) rules and regulations concerning nondiscrimination (12 CFR 701.31)
During this review, CUACG expects to examine the following items:
• All policies pertaining to Fair Lending
• Fair Lending Risk Assessment
• Latest HMDA-LAR data
• Fair Lending Training
• Credit Union’s marketing & advertising strategy
• Fair Lending complaints
• Perform different tests concerning the following:
o Collection procedures of the credit union
o A sample of adverse actions
o A sample of mortgage loans approved and denied during the audit period
o A sample of consumer loans originated by the loan officers of the credit union
If you would like a quote for your credit union, please fill out the questionnaire here and return it to Marcus King at marcus.king@cuacg.com. If you have any questions, please feel free to reach out to Marcus at 662-322-1038.
