Closing the Gap:
A Guide To Equal Opportunity Lending
This publication offers a program for financial institutions seeking to apply their mortgage lending standards in accordance with equal opportunity goals and to expand their activity in underserved minority markets. Banks, mortgage companies, and other lenders subject to the Home Mortgage Disclosure Act (HMDA) are referred to as “financial institutions” or “lenders.” Specific recommendations are followed by the Federal Reserve Bank of Boston’s conclusions with respect to fair lending challenges. The recommendations are geared primarily to mortgage products but they may be modified to address small business, commercial, and consumer lending. A summary of fair lending laws is also provided.