Q: Can you give a quick overview of how a non-HMDA filer would conduct a fair lending risk assessment?
A: All credit union should evaluate its credit products and services, organizational structure, advertising, marketing media, and lending channels. It is equally important to evaluate your credit union's operations, collections and loss mitigation functions. Specifically, review all areas of the credit operation to ensure all borrowers receive equal treatment regarding loan decisions, pricing, fees, services and loan workout arrangements.
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: