Oak Tree Business Systems recently was published in Credit Union Times. The article covered issues such as discriminatory lending and fair lending pitfalls. Check out these short excerpts from the Loan For All: Putting an End to Discriminatory Lending:
"The challenges of fair lending impact many people from all walks of life. Lending discrimination can happen inadvertently, such as some members unintentionally receiving better rates on loans over other members associated with a minority group. In these instances, it is tricky. There may have been no intention to practice unfair lending or discrimination, but that does not clear you from the regulators."
"It is important to make sure credit unions treat all members fairly with regard to lending. With that in mind, here are 5 fair lending pitfalls. Failing to address these points will most certainly land you in hot water with a compliance examiner. Instead, be mindful. Then you can confidently stand behind your commitment to fair lending."
To continue reading Loans For All and to find out what the 5 Fair Lending Pitfalls are, visit Credit Union Times.