Are You Prepared for a Fair Lending Examination by Your Regulator?
by Bill Dolan, CMB, AMP
The landscape of regulatory enforcement is constantly shifting for fair and responsible banking.
At Spillane Consulting Associates, our team of seasoned compliance consultants are continually studying industry regulations, as well as interpreting, understanding, and applying impending requirements so SCA is able to ensure that our clients and prospects are prepared for their next upcoming examination.
SCA’s Compliance Assessment Review provides a “deep dive” into potential fair lending issues and practices, and then develops an action plan to improve our clients monitoring and reporting in the areas of fair lending, unfair, deceptive, or abusive practices (UDAAP) as well as CRA. The assessment measures whether your bank or credit union behaves as a good community administrator and steward. Our compliance consultants utilize your data analytics to measure where you lend, to whom you are lending and how you are treating your borrowers and the communities where they conduct business.
The assessment conducted by SCA focuses its attention on evaluating key processes and departments, including:
Regulatory and compliance
Development of new products and services
Sales practices
Advertising and marketing
Customer complaints
Current and future 3rd party relationships
A single fair lending violation can totally undermine the hard work your institution has accomplished and can tarnish your reputation carrying fines and penalties, derailing your game plan for future growth. And when it comes to fair lending risk, what you don’t know can hurt you.
There are other vendors who offer compliance assessments, but few excel at bringing hands on experience and a record of achievement to clients like SCA. Our compliance consulting team consists of industry veterans and former regulators who can bring first-person know-how to you.
For more information about SCA’s Fair Lending Compliance Assessment or our other services we offer, please contact Bill Dolan, Director, at (617) 694-2617 or email him at: Wdolan@scapartnering.com.
If you require a more personal discussion, SCA will be happy to arrange a video conference call with you.
