NCUA recently created and released a new Fair Lending Guide. The guide was included in Letter to Federal Credit Unions, 13-FCU-12; however, state chartered credit unions can definitely take advantage of the guide as well.
NCUA supervises and enforces fair lending laws and regulations at federal credit unions and is also in a position to educate federally insured credit unions on their fair lending and consumer protection obligations. Fair lending laws and regulations encompass:
- Equal Credit Opportunity Act (Regulation B);
- Home Mortgage Disclosure Act (Regulation C); and
- Fair Housing Act (FHA).
Although NCUA does not actually issue these regulations, the laws require NCUA to enforce these regulations in the process of supervising federal credit unions.
In addition to the Fair Lending Guide, NCUA is also hosting a free webinar entitled, “Fair Lending Examination Program and Compliance Assistance” on Thursday, April 4, 2013 at 1 pm eastern. During the session NCUA’s Office of Consumer Protection staff will discuss NCUA’s ongoing fair lending program, including:
- An overview of NCUA’s fair lending examination program, including off-site supervision contacts;
- Fair lending best practices credit unions should consider; and
- The new Fair Lending Guide
So if you and your staff need a refresher on complying with fair lending laws I strongly encourage you to take advantage of these free NCUA resources.