NCUA releases FCU Fair Lending Letter
The National Credit Union Administration's (NCUA) criteria for conducting a fair lending exam or off-site supervision contact are addressed in a new letter to credit unions (13-FCU-02).
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."
Click here to learn more about an April 4 webinar on fair lending that the NCUA has scheduled.