It's Safe To Go In The Water

Congress's efforts at burden relief often fall short of the mark. However, one important feature in this year's banking act provides protection for fair lending self assessment. Under both the Equal Credit Opportunity and the Fair Housing Acts, problems or concerns identified in self-assessment procedures will be protected. Both HUD and the Federal Reserve must now write regulations to implement this new protection. This will clarify the unofficial agency statements promising not to use such information to penalize the bank if the bank takes corrective action in response to any findings. In the meantime, it's safe to go into the water.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 15, 10/96