Fair Lending Policy Template

Description

This comprehensive Fair Lending Policy template is an essential tool for credit unions committed to ensuring equitable access to financial services. Designed by industry experts, this downloadable Word document provides a robust framework to help your institution comply with fair lending regulations and promote non-discriminatory practices.

The template covers all aspects of fair lending, including prohibited bases of discrimination, types of lending discrimination, and specific requirements under various federal laws such as the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). It outlines clear guidelines for loan origination, underwriting, pricing, and servicing processes to prevent both intentional discrimination and disparate impact.

Key features of this template include:

1. Detailed roles and responsibilities for board members, management, and staff
2. Comprehensive risk assessment procedures
3. Guidelines for fair marketing and advertising practices
4. Protocols for handling fair lending complaints and inquiries
5. Training requirements for employees at all levels
6. Monitoring and auditing procedures to ensure ongoing compliance
7. Reporting mechanisms for fair lending performance

This customizable template allows you to tailor the policy to your credit union’s specific needs while ensuring adherence to regulatory requirements. It includes placeholders for institution-specific information and offers flexibility to incorporate your unique lending products and services.

By implementing this Fair Lending Policy, your credit union can demonstrate its commitment to equal access to credit, mitigate regulatory risks, and foster a culture of fairness and inclusion. This template serves as a valuable resource for credit unions of all sizes, helping to streamline the policy development process and ensure a comprehensive approach to fair lending practices.