Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
GAO No CUs referred to DOJ for fair lending violations
WASHINGTON (8/14/09)--No lenders regulated by the National Credit Union Administration (NCUA) have been referred to the U.S. Department of Justice (DOJ) for "being at potentially heightened risk" of violating fair lending regulations, the Government Accountability Office (GAO) has found. Lenders that are regulated by the Office of the Comptroller of the Currency (OCC) were also less likely to be referred, while the GAO reported that those that fall under the supervision of the Federal Reserve, the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) are more likely to be referred to the DOJ. According to the report, the NCUA has made zero lender referrals since 2005. However, the OCC has made one referral, and the Fed, the OTS, and the FDIC have referred over 100 lenders. Overall, the GAO report, which was released by House Financial Services Committee Chairman Barney Frank (D-Mass.) on Thursday, called on federal agencies to increase the amount of data that is collected from lenders to facilitate compliance with fair lending laws. According to the GAO, the data should include “key underwriting data for mortgage loans” like credit scores; loan-to-value and debt-to-income ratios; information on an applicant's race, ethnicity and gender; and “relevant underwriting data for non-mortgage loans.” While the GAO admitted that altering reporting requirements could increase costs for some lenders, it recommended that legislators find ways to offset those costs. One potential option would be limiting the new requirements to larger institutions that handle larger percentages of loans, the GAO said.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
4 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
6 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
7 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
7 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
7 hours ago