The National Credit Union Administration (NCUA) recently released its 2022 Annual Report, which highlights its ongoing commitment to fair lending practices. The report discusses the agency’s efforts to strengthen consumer financial protection and fair lending examination programs, including the addition of two new fair lending specialist positions. The report emphasizes the importance of reviewing compliance with consumer financial protection regulations and fair lending compliance management systems during federal credit union examinations. Additionally, the NCUA will expand its review of credit unions’ overdraft programs and policies related to residential real estate appraisals.
The NCUA’s Office of Consumer Financial Protection spent over 5,000 hours examining 35 credit unions for fair lending compliance in 2022. The agency also allocated funding for additional staff dedicated to fair lending and increasing its offsite examination work through the Virtual Examination project. The NCUA’s Strategic Goal is to conduct targeted consumer compliance reviews and fair lending examinations, and its Strategic Objective is to ensure that credit unions comply with regulations established to protect consumers against discrimination. To help federal credit unions with fair lending compliance, the NCUA provides a Fair Lending Compliance Program FAQ on its website.
Overall, the 2022 NCUA Annual Report underscores the agency’s commitment to fair lending practices and its efforts to strengthen and improve consumer financial protection. Borrowers and credit unions can rely on the NCUA’s ongoing efforts to ensure that all consumers are treated fairly in the credit union system.
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If you’re not sure which fair lending software suits your organization’s needs best — or whether you need more than one solution — request a demo so you can experience the features that come with each option.