Final answer:
Periodically reviewing the institution's fair lending program is a best practice for ensuring compliance.
Step-by-step explanation:
A fair lending program is a set of policies, practices, and procedures implemented by financial institutions to ensure that they provide equal access to credit and financial services to all individuals, regardless of race, ethnicity, gender, age, religion, or other protected characteristics. The goal of a fair lending program is to prevent discrimination in lending and promote equal opportunities for all consumers to access credit and financial products.
Periodically reviewing the institution's fair lending program is a best practice for ensuring compliance. This is true.