A federal court sided with trade groups and vacated the CFPB’s March 2022 supervision and examination manual update that directed examiners to apply the Consumer Financial Protection Act’s unfairness authority to discriminatory practices.
The agency opposed a request to expand an injunction on implementing its small business lending data collection rule to all covered institutions. Currently the stay applies only to American Bankers Association and Texas Bankers Association members.
The DOJ has settled redlining charges brought against American Bank of Oklahoma. HSBC Bank also disclosed recently that it’s under investigation by the Department of Housing and Urban Development for alleged redlining.
The Seventh Circuit ruled that harms suffered by Cook County, IL, as a result of BofA’s lending practices were not proximate enough to the alleged injurious behavior to count as violations of the Fair Housing Act.
The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late.
The temporary injunction halting the implementation of the Section 1071 final rule applies only to members of the American Bankers Association and the Texas Bankers Association.
In recent amicus briefs, the bureau argued that statutes of limitations are subject to equitable tolling and a loan’s exposure to the Truth in Lending Act is not based solely on contractual language.
The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.
The Federal Trade Commission, in an amicus brief supporting a CFPB appeal, said historical practice, Supreme Court precedent and congressional action affirm that the Equal Credit Opportunity Act expressly protects prospective credit applicants.
RSS