Skip to content

How expensive is a fair lending violation?

Question: 
Can fair lending violations be expensive?
Answer: 

Yes. In 2016, the CFPB and the Justice Department issued a $3.03 million civil money penalty (CMP) against Bancorp South for discouraging prospective borrowers in minority communities from applying for credit. Undercover testers were sent to branches and minority applicants were treated less favorably than white testers.
-----------------------------
Learn more about Susan Costonis’s webinar Fair Lending for the Frontline

First published on 10/20/2019

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics