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New fair lending guidance may help CUs comply
ALEXANDRIA, Va. (9/14/09)--National Credit Union Administration Chairman Deborah Matz on Friday encouraged credit unions to use recently updated interagency fair lending examination procedures to design “appropriate compliance programs” that will meet the standard of “all laws and regulations applicable to fair lending.” The regulatory alert, which is accompanied by updated interagency guidance that was first published in 2000, addresses some of the “risks and potential fair lending implications associated with using brokers or other third party entities for various aspects of lending operations.” The guidance also contains best practices for ensuring that lenders are not steering borrowers to higher priced loan products. According to the NCUA, the guidance, which was jointly issued by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Office of Thrift Supervision, and the NCUA, also addresses practices aimed at detecting disparities in loan pricing. For the NCUA regulatory alert and the interagency guidance, use the resource link.
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