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Latest News: Compliance

NCUA Releases FCU Fair Lending Letter

Tuesday, March 26, 2013   (0 Comments)
Posted by: Leah Redding
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The National Credit Union Administration's criteria for conducting a fair lending exam or off-site supervision contact are addressed in a new letter to credit unions (13-FCU-02).

This letter to credit unions covers recent additions to the agency's fair lending examination program, including new fair lending educational and compliance tools for federal credit unions. The letter also states that selected credit unions will receive advance written notice prior to further contact from NCUA on fair lending.

NCUA's guidance in the letter provides:

  • An overview of fair lending law and regulations;
  • Credit union operational requirements;
  • Issues to consider when developing fair lending compliance policies; and
  • Checklists for testing compliance with laws and regulations, or developing a fair lending policy for compliance.

CUNA has announced that they plan to follow up with the agency on this issue to provide more information to the credit union system on fair lending issues.

The NCUA also announced an April 4 webinar on fair lending.