Digital consistency can be your best fair lending defense, if you design for it.
Fair lending is often the first compliance concern that surfaces when institutions discuss digital lending tools. And for good reason, fair lending violations carry significant penalties, reputational damage, and enforcement risk. No one wants to deploy a tool that creates discrimination problems.
Before you deploy, or before you sign, ask these questions.
When evaluating digital lending tools, compliance teams face a challenge: how do you assess compliance risk for a tool you haven't built and may not fully understand? Vendors present features and benefits; compliance needs to understand exposures and safeguards.
Digital lending tools don't replace your compliance program. But the right tools can make compliance easier to achieve.
Compliance is a gate that every digital lending initiative must pass through. Before launching a new tool, calculator, or borrower experience, the question always comes: "Has compliance reviewed this?"