The Federal Reserve published a Consumer Compliance Supervision Bulletin in July, which provides high level summaries of a variety of compliance issues the agency has observed in its supervised entities. These issues are examined in a recent CUNA CompBlog post.
The two key focuses of the bulletin are fair lending risks and Unfair, or Deceptive Acts of Practices (UDAP), important areas of concern for credit unions.
Fair lending topics include:
UDAP topics include:
Additional details, including strategies to mitigate these risks, can be found on CUNA’s CompBlog.