May 21, 2026

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Financial institutions like to keep their losses to a minimum when it comes to delinquent loans, but has your institution considered its Fair Lending risks associated with the process of collecting debt? As we delve into this question, let’s consider how a compliance officer or collections officer would know what examiners expect to see in place for the debt collection process.

Rising competition and consumer expectations mean community financial institutions must operate more efficiently while delivering modern, personalized services. Meanwhile, advances in AI, open banking, cybersecurity and regulatory change are reshaping the industry and creating new opportunities for those who adapt.

Compliance is recognized by the financial industry as a high-risk function. Failure to manage it effectively can result in high costs to an institution, as witnessed by many supervisory enforcement actions and fair lending settlements over the years.