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."

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Courtesy of cuna.org