FI regulators release small-dollar loan lending principles
Federal financial institution regulators, including the NCUA, Wednesday issued interagency lending principles for offering responsible small-dollar loans. This guidance comes after the regulators in March encouraged financial institutions to offer small-dollar loans to consumers and small businesses impacted by the coronavirus pandemic.
The regulators, which also include the FDIC, Office of the Comptroller of the Currency and Federal Reserve, outlined their “Core Lending Principles," which include:
- ensuring loan products are consistent with safe and sound banking, treating customers fairly, and complying with applicable laws and regulations;
- financial institutions effectively managing the risks associated with the products they offer, including credit, operational, and compliance; and
- offering loan products that are underwritten based on prudent policies and practices governing the amounts borrowed, frequency of borrowing, and repayment requirements.
Also included in the lending principles are reasonable loan policies and sound risk management practices and controls.
NAFCU is working closely with the NCUA to identify areas of relief for credit unions throughout the coronavirus pandemic and will continue to advocate that the agency do more to ensure institutions can meet the urgent needs of members.
Examination & Enforcement
Add to Calendar 2022-06-28 14:00:00 2022-06-28 14:00:00 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation In this webinar you’ll learn how to identify, prevent, respond, and report scams and fraud targeting older adults. Though anyone can experience fraud and financial exploitation, scammers and other bad actors often target older adults. Explore why your older members may be at risk, who the abusers are, and red flags to identify scams and fraud. You will also hear about steps that older adults, their caregivers and loved ones, and credit union staff can take to spot and report financial exploitation if it does occur. In 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation, you will get a baseline understanding of elder financial exploitation and what you can do about it. Topics covered include: defining elder financial exploitation, common types of fraud and scams, a snapshot of data about scams, prevention and reporting resources, including financial caregiving and Trusted Contacts. Key Takeaways Learn the basics of elder financial exploitation, fraud, and scams. Review red flags and prevention resources for members, their caregivers and loved ones. Discover resources to help credit union staff spot, prevent, and report financial exploitation. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until June 28, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOS NCBSOs NCRMs Compliance, BSA and risk staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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