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.
Who Should Attend
This program is designed for members of the board of directors, managers of all lending departments, bank counsel, compliance officers, loan officers, and auditors.
Continuing Education Credit Information
Fair Lending Essentials has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email firstname.lastname@example.org. Certification holders must report these credits at https://aba.csod.com.