Have You Covered Fair Lending Considerations in the Debt Collection Process? Financial institutions like to keep their losses to a minimum when it comes to delinquent loans, but has your institution considered its Fair Lending risks associated with the process of collecting debt? As we delve into this question, let’s consider how a compliance officer or collections officer would know what examiners expect to see in place for the debt collection process. Do you start by reading the Fair Lending regulations? How boring! Let’s cut to the chase and go straight to the source. I always look to the Fair Lending Exam Manual or the Interagency Fair Lending Examination Procedures to gain insight. As we walk through the debt collection process, let’s keep in mind the prohibited bases found in the Equal Credit By TARA BOOTH Virtual Compliance Officer, Compliance Alliance 14 WEST VIRGINIA BANKER
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