Democratic state attorneys general recently vowed to fill the void of the CFPB in fair lending enforcement if the bureau decides not to use disparate-impact analysis under the Equal Credit Opportunity Act. “The attorneys general will not hesitate to uphold the law if CFPB acts in manner contrary to law with respect to interpreting ECOA or to fulfilling its Congressional charge to ensure nondiscriminatory lending to the residents of our states,” wrote 14 AGs in ...

The CFPB is creating a “disclosure sandbox” as its most recent step to encourage fintech innovation. Many are expecting the bureau to tackle the flawed no-action letter policy next. The CFPB recently published a revised policy for its trial disclosure program in the Federal Register. The new policy would streamline the application process, establish procedures for extending successful trial disclosure programs, and allow the CFPB to coordinate with sandbox ...

It may be hard to fathom, but Fannie and Freddie once played with very sharp elbows…

If all goes well, the net proceeds will total $20.25 million.

The Mortgage Bankers Association is working to reduce the speed talking and fine print that tend to accompany advertisements for mortgages. Currently, ad-disclosure requirements for mortgages vary by state. In August, Illinois became the first state to adopt a uniform ad-disclosure protocol supported by the MBA. Mortgage ads in the Prairie State must now include a reference to the Nationwide Multistate Licensing System and Registry’s consumer access website and cite ...

But the program has been a dud...

Federal regulators should issue regulations that would help banks sell loans and maintain the marketplace lending business model, according to lawyers representing the financial institutions. It’s not every day that lenders seek federal regulation, but preemption of state regulations and unfavorable court rulings can prompt calls for help.

In the most recent step to encourage fintech innovation, the Consumer Financial Protection Bureau is retooling its policy to spur improved alternative consumer disclosures.

The release of the Department of Housing and Urban Development’s long-anticipated final rule on condominium lending reform, which aims to boost FHA activity in the sector, may take longer than expected, according to industry participants.

So far, the final rule has not been delivered for OMB review, a process that in the past has sometimes taken months to complete.