Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: NCUA Releases FCU Fair Lending Letter
ALEXANDRIA, Va. (UPDATED: 3/19/13, 1:30 P.M. ET)--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) released today.

The letter also 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.

A guide attached to 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.
Credit Union National Association President/CEO Bill Cheney said that CUNA recognizes credit unions must obey the law. "But we have urged NCUA to refrain from directives and sanctions unless, based on measurable factors, the agency can demonstrate material compliance issues exist. We will continue to press this view."

Cheney said CUNA will 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.

For the letter, and more on the webinar, use the resource links.
RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
11 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
14 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
14 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
15 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
15 hours ago