While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.

Attorney Chris Willis of Troutman Pepper said lenders may still be able to narrowly tailor the use of immigration status in credit decisions while staying compliant with recent guidance from the CFPB and DOJ.

Banks don’t appear to be doing enough to check the anti-consumer lobbying and litigation efforts of the trade groups that represent them, according to Rise Economy, a California-based nonprofit.

A CFPB working paper found that lender-identified race and ethnicity data on mortgage applications more closely correlates with the probability an individual is of a given race than applications with self-identified race information. The largest differences were for Hispanic and Black applicants.

MBA’s advocacy arm tells members to oppose Illinois CRA rule draft; CFPB fines small-dollar lender $15 million for consent order violation; CFPB reverses course on UDAAP examination manual changes.

In an Appraisal Subcommittee hearing this month, CFPB Director Rohit Chopra focused on the impact of appraisal management companies, including their market share and fees.

Members on the Federal Reserve and FDIC boards who opposed approving the revised Community Reinvestment Act standards said the new rule could put regulatory burdens on banks.

AFSA asks CFPB to withdraw guidance on powerbooking; White House issues executive order on artificial intelligence; CFPB takes action against Citi for discriminating against Armenian Americans.

After a solo effort by the OCC in 2020 that was eventually rescinded, federal banking regulators jointly approved changes to requirements under the Community Reinvestment Act. The standards have largely been untouched since 1995.

The bureau and the Federal Trade Commission sued TransUnion’s rental reporting subsidiary for failing to ensure background checks were accurate. Separately, the CFPB ordered TransUnion to pay $8 million to resolve changes involving security freeze and lock failures.