Since then, Quicken has conducted a thorough review and has “proactively taken steps to ensure all [VA] mailings reflect our brand and quality standards,” Emerson said.
The U.S. Supreme Court last week validated the disparate-impact legal theory as it relates to housing discrimination in the case of Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc. And while the immediate effect of the ruling has more to do with the Department of Housing and Urban Development’s enforcement of the Fair Housing Act’s restrictions on disparate impact, there are definitely implications for the CFPB’s enforcement of the Equal Credit Opportunity Act’s prohibitions against disparate impact. The crux of this case was whether disparate-impact claims are cognizable under the Fair Housing Act of 1968, where a plaintiff alleges discrimination based on the disparate impact that a defendant’s “facially neutral” practice has upon members of ...
The CFPB last week formally proposed amending its integrated mortgage disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act – the so-called TRID – to move the rule’s effective date to October 3, 2015, which would give the industry a two-month delay. Although the TILA-RESPA final rule was published on December 31, 2013, and received widespread public and Congressional attention, the bureau said it “recently discovered that it inadvertently had not submitted the rule report to Congress as required.” The bureau’s oversight came despite having 18 months to anticipate and plan for the submission. “Immediately upon discovering its error, the bureau submitted the rule report to both Houses of Congress and the Government Accountability Office on ...
Here’s a fair lending regulatory compliance tip from the American Bankers Association’s 2015 regulatory compliance conference in Washington, DC: If you are advertising or marketing mortgage products in Spanish, you would be well advised to provide all requisite disclosures and servicing in Spanish. “As you think about how to reach people, advertising and marketing in Spanish is a good way to get to Spanish-speaking population,” said Andrew Sandler, chairman and executive partner at the BuckleySandler law firm, during a breakout session on fair lending. “But one thing regulators are intent on is, if you’re selling me in my language, then you need to be servicing me in my language too. So lenders should be careful to think about that,” the ...
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