The Alphabet Soup of Fair Lending Regulators (Stat of the Week)
The next time you eat alphabet soup, try looking for the names of fair lending regulatory agencies. It’s surprisingly easy to find them—any random non-word has an inordinate chance of spelling out a federal acronym.
Check it out:
Yes, it’s weirdly likely that the Department of Justice, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, or any number of regulatory bodies could be staring up at you from a bowl of noodles. Although these assemblages of consonants might look like gobbledygook to anyone else, financial institutions should familiarize themselves with the alphabet soup of regulators and the kind of authority they wield over the consumer lending market.
You can learn about the CFPB’s buddies—plus a whole lot more information your team needs to know—During our next webinar: Time for a Modern Compliance Program. Register now!
