Regulators Ramp Up Fair Lending Enforcement
The NCUA and Consumer Financial Protection Bureau have placed more emphasis on Fair Lending laws and Home Mortgage Disclosure Act data collection in 2013, and credit unions can expect additional rules and exams in 2014.
Some are also anticipating the anti-discrimination reporting and compliance could be expanded to apply to auto financing, business loans and credit cards, which could change the way credit unions lend to members.
Umholtz said he thinks credit unions will tighten up lending to influence their HMDA statistical outcomes.
“The new assertiveness of the NCUA, CFPB, Justice Department, HUD and others will make this a big influence in 2014,” Umholtz said. “Even state regulators will be looking at this exam hot button flavor of the year.”