Free Fair Lending Compliance Checklist

I. Compliance Overview

• Objective: Ensure that [Your Company Name] adheres to all relevant legal and industry standards regarding fair lending practices.

• Responsible Party: [Your Name], [Your Title]

• Date of Last Review: [Date]

• Next Scheduled Review: [Next Review Date]

II. Policies and Procedures

• [Your Company Name] has established and documented fair lending policies and procedures.

• Policies and procedures are regularly reviewed and updated to reflect changes in fair lending laws and regulations.

• Policies and procedures are communicated to all relevant staff members and are readily accessible.

III. Staff Training

• [Your Company Name] provides regular training on fair lending laws and regulations to all employees involved in lending activities.

• Training sessions cover topics such as fair lending principles, prohibited discriminatory practices, and handling of customer complaints.

• Records of training sessions, including attendance and content covered, are maintained

IV. Monitoring and Testing

• Regular monitoring and testing are conducted to assess compliance with fair lending laws and regulations.

• Monitoring activities include reviewing loan applications, underwriting decisions, pricing practices, and marketing materials for potential disparities.

• Testing methodologies are documented, and results are analyzed to identify any areas of non-compliance.

V. Data Collection and Analysis

• [Your Company Name] collects and maintains data on lending activities, including applicant demographics, loan terms, and pricing information.

• Data analysis is conducted to identify any disparities or patterns that may indicate potential discrimination.

• Corrective actions are taken if disparities are identified, such as adjusting underwriting criteria or pricing practices.

VI. Complaint Handling

• [Your Company Name] has established procedures for handling customer complaints related to fair lending issues.

• Complaints are promptly investigated, and appropriate actions are taken to address any substantiated allegations of discrimination.

• Records of complaints and resolutions are maintained for regulatory purposes.

VII. Documentation and Reporting

• [Your Company Name] maintains comprehensive documentation of its fair lending compliance efforts, including policies, training records, monitoring reports, and complaint logs.

• Regulatory reports on fair lending compliance are prepared accurately and submitted on time.

• Documentation is organized and readily accessible for regulatory examinations or audits.

VIII. Signature

I, [Your Name], hereby confirm that I have reviewed the Fair Lending Compliance Checklist Template for [Your Company Name] and acknowledge the importance of adhering to the outlined procedures and practices to ensure compliance with fair lending laws and regulations.

Your Company Name]

Date:                              

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