First National Bank of Pennsylvania’s $13.5 million settlement with the DOJ and North Carolina didn’t include a civil monetary penalty. DOJ officials stressed that more redlining enforcement is in the works.
Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.
The CFPB and nonbank mortgage lender Townstone Financial presented their arguments to the Seventh Circuit Court of Appeals. The arguments centered on whether ECOA applies to prospective applicants.
Researchers with the Federal Reserve Bank of New York found that banks with diverse stakeholders — groups like borrowers, depositors and employees — are more averse to inequality and have a higher propensity to approve mortgage applications for minority borrowers.
Federal regulators discussed best practices for lenders’ redlining analysis to head off regulatory risk. Separately, Navy Federal Credit Union faces mortgage lending discrimination allegations.
CFPB Director Rohit Chopra was accused of partisan regulatory management by Republican lawmakers during recent congressional hearings. But the bureau’s proposed personal financial data rights rule found praise.
A new working paper found that racial disparities in applications for home equity loan, home equity lines of credit and cash-out refinances between 2018 and 2021 were significantly larger than those for purchases and rate-term refinances.
Industry wants the CFPB to include an advanced notice of proposed rulemaking step in its Fair Credit Reporting Act rulemaking restricting the sale of consumer data by credit reporting companies.
The Consumer Financial Protection Bureau’s outline of proposed amendments to the regulation implementing the Fair Credit Reporting Act lacked key details, financial services trade groups said in a joint letter.
RSS