This training covers what banking staff need to know about the laws and regulations prohibiting discrimination in the extension of credit to consumers
Discriminatory lending can lead to legal and reputational risks for a financial institution. This course will provide an overview of the five laws and regulations that cover discriminatory lending practices, and assist staff in complying with them.
Bank staff need understand that discrimination is not always obvious, and in fact illegal discrimination can take three different forms: Overt, Disparate treatment, and Disparate impact. This short, single-module course covers those forms of discrimination and gives examples.
The course also introduces learners to the five relevant laws and regulations and discusses their functions and the ways in which they work to protect Americans from wrongful discrimination in financial matters
Properly trained staff can help protect a bank from the risk of being prosecuted for discriminatory practices
Who is this training for?
The course is a suitable introduction for all banking staff, particularly those who deal with consumers applying for credit.
Madison is applying for a loan with Smart Credit Bank for a new condo she wants to purchase. She has a stable job as a librarian at her local high school, though is also receiving Social Security Disability Insurance after being injured in a car accident last year. Despite proving that she has a steady stream of income and appears to meet Smart Credit Bank’s stated eligibility requirements, she receives an email a week later stating that her application has been rejected.
Has Madison been unlawfully discriminated against in this situation?
Retail Banking Compliance Training
This course is part of the Retail Banking Compliance Suite
The courses available are
- Introduction to Fair Credit Reporting Act (FCRA)
- Introduction to the Office of Foreign Assets Control (OFAC)
- Introduction to Regulation Z and the Truth in Lending Act (TILA)
- Introduction to Regulation CC and the Expedited Funds Availability Act
- Introduction to Regulation E and the Electronic Funds Transfer Act
- Introduction to Regulation D: Reserve Requirements
- Introduction to Regulation DD and the Truth in Savings Act
For more details, click on the course names above.
- Become aware of the three types of illegal discrimination and how they differ
- Identify the five laws and regulations that make up Fair Lending practices and prohibit discrimination for consumers
- Understand the resulting actions of illegal discrimination
- Learn ways to avoid discrimination throughout the credit process