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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
On Feb. 22, 2022, the National Credit Union Administration (NCUA) issued Letter to Credit Union 22-CU-04 highlighting the Equal Credit Opportunity Act (ECOA) and areas believed to pose heightened fair lending risk.
The ECOA prohibits lending discrimination based on race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant’s income derives from a public assistance program or has in good faith exercised any right under the Consumer Credit Protection Act. The NCUA has identified the following five areas as having increased fair lending risk:
Credit unions should consider specifically addressing each of these areas in their fair lending risk assessment and fair lending compliance program. For assistance with this, please contact our regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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