OCC Warns of Compliance Risk as Banks Adapt to COVID-19 Changes
The OCC today cautioned banks to be vigilant about compliance risks that could arise as a result of their response to the coronavirus pandemic.
Browsing: Fair lending
McWilliams: Banks Should Rely on Borrower Certifications When Making PPP Loans
FDIC Chairman Jelena McWilliams today confirmed that banks should rely on borrowers’ statements certifying that their economic need is legitimate when making Paycheck Protection Program loans, referencing a recent interim final rule issued by the Small Business Administration.
The Big Brain in the Black Box
AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.
ABA, Trade Groups Welcome HUD Proposal on ‘Disparate Impact’ Claims
ABA, the Consumer Bankers Association and the Housing Policy Council today welcomed the Department of Housing and Urban Development’s proposed standard for bringing “disparate impact” claims under the Fair Housing Act.
Getting from Red to Green
The next-generation root cause analysis to prevent redlining.
Preliminary Analysis of 2018 HMDA Data and ABA Policy Recommendations
Banks want to expand safe and sound lending across the board and remain committed to enhancing the availability of credit to all qualified borrowers.
Podcast: AI, Community Banks and the Compliance Jobs of the Future
Former Comptroller of the Currency Eugene Ludwig talks about the current state of artificial intelligence in banking and the outlook for community banks and compliance professionals.
CFPB: Alternative Data Could Increase Availability, Lower Cost of Credit
The use of alternative data in credit decisions could make a significant difference in the cost and availability of credit for consumers, according to a new blog post published yesterday on the CFPB’s website.
HUD Proposal Would Align ‘Disparate Impact’ Rule with Court Ruling
The Department of Housing and Urban Development will propose a new standard for bringing “disparate impact” claims under the Fair Housing Act.
How to Maintain Fair and Responsible Servicing Practices
As the days and months pass, compliance officers often reflect on the bank’s compliance program, its accomplishments, and what is yet to come. In the case of customer account servicing, the message is clear. Quality and fairness in servicing continues to be in the spotlight.