Financial entities who fail to comply with the Home Mortgage Disclosure Act’s requirements are at risk of enforcement actions by a future Democratic administration or at the state level.
While the regulator’s reverse redlining allegations against a defendant were dismissed, a Texas court offered the bureau the option to amend its complaint.
The CFPB has 30 days to amend its complaint against Loan Originator Services as part of a fair lending lawsuit filed against a Texas-based developer and lender, Colony Ridge.
The NCLC is asking the bureau to pursue rulemaking to apply the Equal Credit Opportunity Act’s adverse action requirement to renters and ban the use of medical debt in tenant screening decisions.
Experts recommend industry stakeholders start working with the new credit scores if they want to be prepared when the transition from FICO Classic to FICO 10 T and VantageScore 4.0 goes into effect.