WASHINGTON (10/23/14)--Seven federal regulators, including the National Credit Union Administration, took part in webinar covering fair lending issues and other hot topics Wednesday.
Hosted by the Federal Reserve, the webinar covered everything from fair lending risk assessments to expectations for compliance management systems.
In addition to the NCUA, the U.S. Department of Justice, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, the Fed and the U.S. Department of Housing and Urban Development participated.
Jamie Goodson, director of consumer compliance policy and outreach for the NCUA's Office of Consumer Protection, presented at the webinar. She highlighted the agency's Fair Lending Guide, as well as additional resources available at the NCUA's website, including FAQs and lists of best practices.
She also advised that credit unions have a "robust" member complaint program and to use the feedback constructively.
"A credit union should use the information it gathers to assess its compliance and reputation risk. It should also consider adopting the products and services it offers based on member feedback," she said. "Credit unions should not limit their complaint monitoring to complaints received in writing or through outside channels such as federal and state regulators or the Better Business Bureau. They should have procedures in place, and staff who are trained to recognize, report and respond to verbal complaints."
When it comes to oversight from credit union management and boards, "clear expectations" about fair lending compliance within the credit union, as well as third-party service providers, should be demonstrated. This includes clear definition of responsibilities and appropriate resource allocation.
Other highlights from the webinar include: