Lending News

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The NCUA is revising the requirements for use of the official insurance sign and official advertising statement to permit insured credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The rule will give credit unions added flexibility in advertisements by allowing them to use the shortened form or the official insurance sign in advertisements as alternatives to the basic official advertising statement.  The effective date for this rule is October 31, 2008.

In a speech during the OCC Fair Lending Conference held in New Orleans, Comptroller of the Currency John C. Dugan said that the present turmoil in credit markets should not distract bankers and lenders from the important priority of fair lending.  According to the OCC press release, Dugan emphasized that all qualified borrowers should have access to financial services and credit, free of unlawful discrimination.

For the latest on fair lending compliance from the regulators and industry experts, register now for the CRA & Fair Lending Colloquium held on October 26-29, 2008 in Orlando Florida.

Sandra F. Braunstein, Director, Division of Consumer and Community Affairs recently spoke before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House.  In her speech, Braunstein discussed whether the collection of data by creditors on credit applicants' personal characteristics (such as race, ethnicity, and sex) for non-mortgage loans is appropriate, and if so, how this might best be accomplished.

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