The Paycheck Protection Program (PPP) has proven a more-than challenging endeavor for financial institutions. After scrambling to try and serve customers under the program, many FIs are now looking back to consider the Fair Lending implications and what they should be doing to prepare for future exams.
The OCC released its final Community Reinvestment Act (CRA) rule last week, shortly before Comptroller Joseph Otting stepped down. The agency pushed ahead without the FDIC, which had been part of the original rulemaking proposal, since the FDIC was focused on dealing with the ongoing COVID-19 pandemic.
Fair Lending is always a hot topic. This is especially true when there are regulatory changes and lenders are scrambling to decipher the unintended consequences and Fair Lending challenges.
Is your financial institution complying with Fair Lending laws? It’s a deceptively simple question with a complicated answer.
We may be weary from living it and reading about it, but COVID-19 continues to impact every aspect of everyday life—including fair lending. Here’s the latest on what the regulatory agencies are saying about it.
Do you like your small business lending with a side of controversy? If so, you’ve probably been actively monitoring the Paycheck Protection Program (PPP), created when Congress passed the Coronavirus Aid, Relief, and Economic Security Act (more commonly known as the CARES Act) in March.