Twenty-six credit unions were subjected to fair lending compliance examinations in 2013, according to the NCUA's 2013 Annual Report, released May 12. In total, the NCUA's Division of Consumer Compliance Policy and Outreach spent 5,334 hours examining the credit unions, at an average of 205 hours per credit union.

Additionally, the NCUA said it initiated 41 off-site fair lending contacts for a total of 902 hours

“During these contacts, NCUA staff reviewed credit unions' fair lending policies and provided recommendations to bring them into compliance,” the report said.

NCUA Chairman Debbie Matz has said credit unions selected for fair lending exams and offsite supervisory contacts would demonstrate the potential for higher fair lending risk. Credit unions were selected for exams due to qualities that included lending practices that fall outside normal terms for pricing, denial, withdrawal or lending terms according to the credit union's required Home Mortgage Disclosure Act report.

The agency said it will also look for fair lending violations and other general compliance risks.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.