Does anyone use a third party firm to conduct a fair lending review and/or risk assessment? If so, would you be willing to share who it was and what you paid? I am in the information gathering stage and trying to get an idea of what's out there and what the cost would be generally.

Vendor discussions are limited to the private forums and giving your geographical location might help also.

Just an FYI, our compliance audit firm does them for us, may want to check with your existing audit firm(s) that you contract with.

I guess I don't need vendor names per se. I'm just trying ti get a grip on what the cost would be and whether what I am being quoted is reasonable. If anyone has some cost information for a fair lending review and/or risk assessment, that would be helpful.

For example, is $2000 reasonable for a review of policies, procedures, interviews & a risk assessment?
Is $7500 reasonable for a risk assessment plus data analysis?

CN, it still may be hard to tell if the costs were excessive, or very reasonable. A lot is based on the activity, sourcing of applications, stability of products, history of compliance, complexity of the bank, size, etc. If for example, someone has to discuss with 10 individuals it would be a lot longer time than if there were 3-4 key players involved. For activity, it's usually computer generated off the LAR, but the volume and number of markets the bank is in can make the analysis very different.

This is like shopping for a new car. Pick the scope and content of the audit and get bids from 2-3 consultants/firms. The comparison will tell you what is reasonable. As others have said, you can't compare apples to oranges.