Patrice Ficklin appointed to interagency mortgage appraisal task force; Maine updates mortgage servicer definition; states take action on RON; GreenSky to refund $9 million in unauthorized loans.
Members of the House Financial Services Committee voiced different views on a proposal for a government-run credit reporting agency that would compete with the three big private players — Equifax, Experian and TransUnion.
The companies urged the CFPB to state that disparate impact applies to business models that use AI and to clarify when a disparity is large enough to support a claim of discrimination.
The trade group believes the CFPB should not take enforcement actions or conduct investigations of nonbanks unless asked to do so by a state regulator.
The bureau also has dropped pursuit of two rulemakings under the Home Mortgage Disclosure Act. One concerns the data points lenders must report and another is related to the public disclosure of HMDA data.
The bureau has clarified that prohibitions against discrimination found in the Equal Credit Opportunity Act and Regulation B include bias against sexual orientation and gender identity.
The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties.
The FDIC’s community bank study shows that an unusually high percentage of small community banks reduced their residential holdings after the 2008 financial crisis. Reason: high compliance costs due to the large volume of new mortgage rules.
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