Heads Up Credit Unions! Expect Increased Supervision from NCUA on Fair Lending Supervision
Written by: Rob Ellis, Senior Compliance Consultant
On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks addressed the 90th Anniversary of the Federal Credit Union Act, risks posed by third party service providers, liquidity management, and consumer financial protection. The interview highlighted the NCUA’s planned supervision approach on practices relating to overdraft and nonsufficient funds fees, vendor risk management, and fair lending.
According to the American Banker, Harper stated that the NCUA plans to increase its supervision of fair lending activities and continue to refer cases to the Justice Department. This aligns with NCUA’s recently announced intention to increase the frequency of separate fair lending examinations (pg. 20 @ https://ncua.gov/files/agenda-items/strategic-plan-20220317.pdf). Fair lending is a supervisory priority for the NCUA.
If you have an upcoming exam and/or would like to discuss reviewing your current fair lending data or program, please reach out to our Director, Bill Dolan, at WDolan@scapartnering.com or by phone at (617) 694-2617 and schedule a time to speak with us today.
