Credit Union Exam Solutions Presents With Flying Colors

In the journey towards achieving fair lending in auto loans, we bring together data-driven compliance and a culture of equality. This powerful combination guides the industry towards a future that is brighter and more inclusive for both lenders and borrowers. In this episode, we have Mike Taliefero, Co-Owner of Compliance Tech, to discuss auto lending and fair lending. Mike kicks off by discussing the significance of fair lending analysis in the context of auto loans, especially within the indirect lending market. He sheds light on the key factors that can give rise to potential fair lending issues in auto lending. He also examines how credit unions usually evaluate fair lending compliance during the car loan process and the important roles that data analysis and technology play in this evaluation. Mike shares real-life examples, showcasing the types of data that are analyzed to ensure compliance and foster transparency. Mike shares the best practices for lenders to comply with fair lending regulations while remaining competitive with loan options for consumers. The road to fair lending is not without challenges, but with the right data and strategies, companies have a high chance of thriving. Tune in and learn how to create a future where fairness is a fundamental principle of the lending industry, benefiting both lenders and consumers.