Credit unions that expand their fields of membership should beware of also increasing regulatory risk when it comes to fair lending laws.

“The problem exists when you have taken on an underserved geographic area with the intent of growing your membership and perhaps increasing profitability, but you haven’t served that group as you have served maybe your main geographic field of membership,” CU Direct Executive Lending Advisor Michael Cochrum said.

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Tina Orem

 

Credit Union Times

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