The bureau is focusing its efforts on tackling digital redlining, reining in repeat offenders and identifying emerging risks, according to the bureau’s fair lending director.
CFPB Director Rohit Chopra explains how the bureau’s recent big moves are tied to his views on the functioning and regulation of consumer financial markets and products.
Rep. Maxine Waters, D-CA, introduced a bill this month to vastly expand how much data financial institutions report to receive their Community Reinvestment Act ratings. The bill would mandate negative rating credit for any known discriminatory behavior.
Attorneys for law firm Garris Horn said lenders should take certain steps to protect themselves against redlining accusations by regulators, recommending lenders virtue signal more often.
The CFPB and DOJ filed a complaint and proposed consent order against Trident Mortgage for allegedly discouraging consumers in Philadelphia’s majority-minority neighborhoods from applying for credit.
A recent Supreme Court decision invoking the “major question doctrine” to limit a federal regulator’s authority to interpret statute could have a major impact on other federal agencies, including the CFPB.
The CFPB’s spring regulatory agenda had only one mortgage-related item: automated valuation models. The bureau expects to issue a proposed rule on the matter in December.
The recent changes to the CFPB’s supervision manual that brought discriminatory conduct under its “unfairness” standard are unlawful, a coalition of banking trade groups argued in a new white paper.
The National Community Reinvestment Coalition and five fintechs have asked the CFPB to issue an interpretive rule on best practices in collecting borrowers’ demographic data to monitor their underwriting in context of fair lending.
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