Emerging risk to your financial institutions fair lending and CRA programs

Answered by:

Question:

Did you know Small Business Data Reporting, Section 1071 will have an impact on your fair lending and CRA programs?

Answer:

For the past decade there has been a constant stream of enforcement actions against financial institutions for engaging in redlining. Redlining occurs when financial institution practices result in the restriction of lending in a particular geographic area, quite frequently a low-income or a high minority population area. Now 1071 data will give new insight and risk to fair lending and CRA when the data becomes public.

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Learn more about Robin Boatwright’s, Fair Lending, CRA, and Small Business Loan Data Filing webinar.