Rocket Mortgage, the nation’s largest overall lender and the very first participant in the pilot, said the examination process was an “overwhelming” and “exhausting” experience.
The bill would impose a Community Reinvestment Act-like framework for evaluating the performance of financial institutions in meeting the needs of the communities they serve.
Both industry and consumer groups welcomed OCC’s principle-based approach to large banks’ management of climate-related financial risk. Most of the feedback focused on scenario analysis related to climate-related risks.
The DOJ said its support of the Fair Housing Act lawsuit underscores the Biden administration’s seriousness in addressing ongoing legacies of residential segregation and discrimination.
Illinois District Court Judge Elaine Bucklo found that the plaintiff had no evidence that Bank of America had engaged in an equity-stripping scheme, much less one that targeted minority borrowers.
Auto lending practices under scrutiny; fair lending testing bill; CBA wants CFPB to examine small fintechs; court grants interlocutory review of NCSLT-CFPB decision; EFTA compliance bulletin; interagency letter on unmet credit needs; comment on FTC settlement; PSLF waivers.
Smaller nonbanks don’t have the economies of scale to monitor how the CFPB might deviate from state interpretations of federal consumer mortgage rules and regulations, the Community Home Lenders Association said in a letter to the CFPB.
Trade associations said HMDA disclosure requirements impose a substantial financial burden on their members, while advocates pressed for more data to be collected and published.
Senior staff from across federal agencies, including the CFPB, have criticized the Appraisal Foundation's proposed changes to professional appraisal practices for not adequately addressing discrimination in the appraisal process.
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