The FRB issued a Community Affairs Letter which transmits revised Interagency Fair Lending Examination Procedures and summarizes the key revisions. The revised examination procedures reflect significant changes in credit markets, credit products, and credit practices since the procedures were last updated. Specifically, the new procedures clarify examination procedures related to pricing, steering, redlining, broker activity, performing examinations with small sample sizes and data accuracy. Click here for the letter and here for the procedures.
Alert August 11, 2009