Consumer advocates called on HUD to withdraw the proposal, noting that if finalized, it would undermine the agency’s enforcement of the Fair Housing Act’s protections against unlawful discrimination.

The Foundation Against Intolerance and Racism claimed that a Washington state special purpose credit program violated a clause of the 14th Amendment by using race-based criteria for eligibility.

Before submitting a complaint against a credit reporting agency about inaccurate or incomplete information, borrowers will have to first dispute the information directly with the credit or consumer reporting agency.

The National Consumer Law Center said the proposals will reduce price transparency, create an unlevel playing field and will make homeownership more expensive for consumers.

The new rule codifies financial institutions’ existing obligations under the state antidiscrimination law.

President Trump wants Congress to enact a temporary 10% cap on credit card interest rates, while CFPB actions seem to be causing rates to go up.

CSBS President Brandon Milhorn said the new data standard will help reduce mortgage lending compliance costs, giving companies the flexibility to make more loans.

New York will soon start evaluating nonbank mortgage lenders on how well they meet the credit needs of the communities that they serve.

While innovation and regulation are often thought of as in tension, industry participants suggest that with artificial intelligence, the two factors can work together.

The move clarifies that the Equal Credit Opportunity Act doesn’t prohibit lenders’ consideration of immigration status when evaluating credit applications.