CUACG introduces Fair Lending Compliance Review for credit unions

Credit 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 what’s top-of-mind. 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.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

Social Channels

Follow us on all major social media platforms.