U.S. Capital Building reflection in a nearby building

The effects of COVID-19 on fair lending practices

The COVID-19 pandemic has caused banking institutions to respond to the needs of their customers in unique ways. With an increase in loan volume due to the Paycheck Protection Program (PPP), borrower requests for financial assistance, and refinances due to low interest rates, loan departments are seeing struggles with keeping up with many ordinary functions and procedures, including secondary reviews that may have been halted or delayed to meet loan production needs. As a result, daily compliance related processing and reviews have been negatively affected.

Listen to Baker Tilly’s informative, on-demand webinar that takes a look at how banking institutions can remain, or become, compliant with fair lending, unfair deceptive abusive acts and practices (UDAAP), the Bank Secrecy Act (BSA), and other laws and regulations during the recovery efforts from the coronavirus pandemic and beyond. Our team of Value Architects™ discuss:

  • How to evaluate internal processes, procedures and controls to better establish compliance during and after the coronavirus pandemic
  • The importance of enhancing compliance monitoring based on varying risk levels
  • Best practices when establishing regulatory compliance during and after COVID-19

For more information on this topic, or to learn how Baker Tilly’s Value Architects can help, contact our team.

Fiscal resiliency to achieve student success and institutional sustainability
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Collaborative combinations to support student success and institutional sustainability: lessons for boards from PASSHE’s path towards integration