Q: What will the fair lending offsite supervision contact entail?
A: Office of Consumer Protection (OCP) staff review the federal credit union’s lending policies, procedures, training program, audit or verification assessments, compliance risk assessment, and marketing/advertising program or materials. At the conclusion of the offsite supervision contact, OCP staff will provide an oral report of their findings and recommendations to senior management and officials by conference call. A federal credit union will also receive a written report of the results within 3 to 5 business days of the call.
This Q&A was obtained from NCUA’s website, in a document entitled “NCUA Fair Lending Examination and Compliance Program for Federal Credit Unions,” which may be found here: