Don’t Wait for the Other Shoe to Drop: Every Bank Needs to Be Enforcement-Ready
Author: Andrea K. Mitchell.; Jenna Burke.
Source: Volume 37, Number 08, August 2021 , pp.103-113(11)
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Abstract:
In this article the authors discuss the challenges for banks created by the COVID-19 crisis, the increased enforcement activity and stricter bank regulation on the horizon, and the importance of enforcement readiness. They then discuss, in detail, best practices for fair lending enforcement readiness, and key areas of focus for fair lending enforcement readiness under the Biden administration.Keywords: COVID-19 and Banking; CFPB Enforcement Priorities; “Enforcement Readiness;” Fair Lending; Access to Credit; Fair Servicing; Responsible Use of Data and Machine Learning
Affiliations:
1: Mitchell Sandler LLC; 2: Independent Community Bankers Association.