Corrective Actions for Fair Lending Issues
In a perfect world, fair lending issues are prevented, and banks remain in compliance with fair lending laws. But, reality being what it is, people are human, mistakes are made, and things are sometimes overlooked.
One of the many quandaries an institution faces in that situation is what the appropriate response and action to take actually is. There is of course no generic answer for this, as each situation will vary considerably with its own nuances, but regulatory guidance does offer some answers in this regard.
Let’s examine some of them.