As financial services organizations evolve their fair lending programs to include fair and responsible banking principles, risk and compliance professionals need to make sure their customers, communities, and employees are treated fairly and ethically according to fair lending laws and regulations.
When it comes to fair and responsible banking, a financial service organization’s culture and the conduct of its employees should be closely monitored. This oversight requires organizationwide focus and accountability, which is a big responsibility – especially at smaller organizations with limited resources or for fintechs focused on rapid growth.
Still, effective fair and responsible banking practices should be prioritized. They can help your organization prepare to meet regulatory scrutiny and reduce risk, and they can improve customer relationships, strengthen your brand reputation, and improve risk management processes.